House Hacking: Your Path to Affordable Homeownership in Temiskaming Shores

House hacking is a strategy that allows you to buy a property with as little as 5% down by living in one part of the property and renting out the rest. This approach works not only with multi-unit properties like duplexes and triplexes but also with residential homes that have a legal apartment in the basement or another level.

How It Works

By moving into one of the units or a part of the house, you qualify for a residential mortgage, which typically requires just a 5% down payment instead of the 20%-30% usually needed for investment properties. You can then rent out the other unit or apartment to generate rental income, helping to cover your mortgage payments and other expenses.

Steps to Get Started

Find a Suitable Property: Look for homes with a legal basement apartment or multi-unit buildings.
Secure Financing: Apply for a residential mortgage, emphasizing that you’ll live on-site.
Manage Your Property: Move in, manage the rental unit responsibly, and use the rental income to reduce your living costs.

Benefits

Lower Living Costs: Offset your mortgage with rental income.
Build Equity: Increase your property’s value over time.
Tax Advantages: Benefit from deductions on mortgage interest, property taxes, and more.

House hacking is a great way to achieve affordable homeownership while starting your journey into real estate investing. Contact me to explore house hacking opportunities in Temiskaming Shores!

Click here to connect with a Trusted Temiskaming Shores | Joël Lemay

No Cost Home Valuation with Joël Lemay

Connect with Joël Lemay on Facebook

Connect with Joël Lemay on Instagram