How To Turn Kansas City Homeownership into a Side Hustle
Just about everything seems to be increasing in cost these days. For many, this can make the dream of Kansas City homeownership feel out of reach. According to Bankrate, many individuals are exploring side hustles as an additional source of income to cope with rising expenses and save for a home. This trend is prevalent among younger generations who may be paying off student loan debt (see graph below):
These two strategies can make Kansas City homeownership more affordable in the short term, while carrying the potential for a lucrative side hustle that can pay off down the road.
Transforming the Challenge of a Fixer-Upper into an Opportunity
Do you want to break into KC homeownership but need help knowing where to start? Consider purchasing a fixer-upper, or homes that may seem less appealing. These homes tend to linger on the Kansas City market longer than expected. According to a recent article from U.S. News:
“The current state of the housing market may have you expanding your options to try to find a home that you can afford. A fixer-upper that needs some updating and a little love can feel like a welcome alternative to move-in ready houses that go off the market before you can even take a tour.”
There’s two significant benefits to opting for a Kansas City home that requires some work. For starters, you may find it’s easier to discover a home once you remove the goal of a perfect option. This strategy can also help you enter the housing market at a lower price point, providing a more affordable way to become a KC homeowner while still offering the potential for future profits.
Sure, these homes may require a little elbow grease, but the investment of your time and effort into its gradual enhancement is more than worth it. Not only will this make your house into a home, but these changes also increase future market value. While you enjoy the satisfaction of transforming a home, equity is being built that can be unlocked once it’s time to sell.
Renting Out a Portion of Your Home To Make It More Affordable
Another savvy strategy is to purchase a Kansas City home with the upfront intention of renting out part of it. In a recent press release from Zillow, most young homebuyers revealed that renting out a portion of their home is already very important to them (see graph below):
This approach serves a strong purpose. As Manny Garcia, Senior Population Scientist at Zillow, says:
“For those first-time buyers navigating the ‘side hustle culture,’ where a regular 9-to-5 might not quite cut it for homeownership dreams, rental income can step in to help . . .”
In other words, this strategy can help make monthly mortgage payments more affordable. If you’re open to it, renting out a section of your home can position you as an investor and turn your new residence into a source of income.
The current Kansas City market can bring many affordability challenges. These two strategies provide more attainable paths to Kansas City homeownership, especially for a younger generation of buyers. The Just Say Home real estate team can help you understand your options and learn which path is the best to help you reach your dream of homeownership.