At first glance, house hacking may seem like a simple way to reduce living expenses by renting out a spare room. However, upon closer examination, there are many long-term benefits that go beyond just saving money.
Some of these benefits include:
- Everyone needs a place to live! So why not turn that expense into an asset?
- Real estate can provide rapid wealth growth! Every month, your tenants are helping pay down your loan’s principal, while the asset appreciates in value.
- With a 5% down payment, you can purchase a future rental property, whereas a traditional investment property requires a 20-25% down payment.
- The return on investment is unbeatable!