Let’s face it, we all can agree the housing market has been very volatile over the last couple of years. In fact, oftentimes I hear buyers say they feel like they are on a long roller coaster ride.
Hi, I’m Tanja Odzak, Our East Bay Home brokered by eXp Realty.
It is no wonder why so many buyers say they feel the ups and downs of this market when trying to purchase a home. With severely low inventory, fluctuating mortgage rates, and competition, it makes for a tough market for most buyers, especially first-time home buyers.
A trend we are starting to see in certain regions is house hacking. So what is house hacking?
House hacking is finding creative ways to make a home purchase affordable. Let’s explore some “hacking” options.
First, how about buying a home with family or your besties? This co-buying trend allows buyers to pool their resources and finances together with people they love to come up with a larger down payment and/or closing costs.
Secondly, perhaps you could advertise a room for rent to help with house costs but if having a long-term roommate is too big of a commitment for you, consider just renting out one room in the house as a short-term rental, maybe to a college student or traveling nurse. This way they can help with the mortgage expense but are not vested in the property long term.
Or you can even find a property that has a separate rental unit or ADU to maintain your privacy but also you can make some extra income too. If you’re looking in an area that has a rental ordinance, you’ll need to take an extra step to make sure your house-hacking plans fall within the jurisdiction of the city ordinance.
The last hack you can consider is renting out parking or storage space or even your pool. As a homeowner, you might have more to rent than just rooms. Take a look around the property you are interested in to see what you can profit from!
Bottomline its always best to work with an experienced real estate agent who can think creatively and can show you the different strategies to help make your dream a reality. Reach out to me so I can help strategize your next move. .
And if you need to sell, ask me about my home selling plans where you get to pick which real estate services you want and the fee you pay… Most of the them include my super duper digital marketing that absolutely no one else does in our area. I’m Tanja and I sell homes. I offer simplified and transparent choices!
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
Why not check out one of my no-obligation, online, On-Demand, virtual Real Estate Seminars?