Take A Millennial Approach To Paying Off Your Mortgage
Despite rising mortgage interest rates and the ever-growing challenge of student loan repayments, the millennial generation is, in fact, a significant portion of the current home buying market.
And although they may be falling in line with the conventional trends toward homeownership, some of them are taking unconventional steps to pay off their mortgages faster and ensure their financial security.
The Sharing Economy
Long gone are the days when finding a roommate was the only way to share your housing costs with others. With the explosion of short-term rental sites like Airbnb, it takes just minutes to market your spare room to travelers looking for a deal on travel lodging.
Increasingly, millennial buyers are considering floor plans with rental accommodations in mind. A home featuring a garage apartment or guest suite with a private entrance can be well worth the investment if it’s located in a high-demand destination.
Simply having a larger-than-average lot can also open up new possibilities. The charm and affordability of tiny homes mean a private, well-equipped rental is within reach if you can find room for one in the backyard.
Think Outside The Bedroom
However, this peer-to-peer approach to supply and demand isn’t limited to overnight guests. Younger homeowners are maximizing the potential of their properties by tapping into the interest in their other unused spaces as well.
Wasted garage space can be rented out as a storage area, studio workspace, or to keep a neighbor’s prized car or boat out of the elements. Animal lovers with pet-friendly yards are utilizing apps to connect with pet owners to offer a more personalized boarding experience for their animals. The resulting revenue streams can put a significant dent in monthly mortgage costs.
Going Green To Save Green
If playing host to people, animals or belongings isn’t your thing, conservation efforts can also be a way to defray your living expenses. Those with green thumbs have found that a small fruit and vegetable garden in the backyard can cut down on the grocery bill, or even be turned into cash at a local farmer’s market. Homes with solar panels or rain-collecting water tanks can also lower your utilities, freeing up additional money for your mortgage.
Regardless of the tactics, remember to stay in compliance with your local ordinances and speak to your insurance agent about any additional protections you may need. And, if you’re ready to start looking for a home that can help pay for itself, give Open Mortgage a call at 888-602-6626 to discuss your financing options.