Mainers Trying to Buy a Home: Have You Tried House Hacking?

You may have found yourself struggling to find and afford that perfect home here in Maine. Well, your dreams of owning your own home and building equity (instead of paying someone else's mortgage) might be easier than you had imagined.

This is a real estate hack that I have passed on to many of my frustrated homebuyers. It's called “house hacking”, and not only can it save you some serious cash, but it can also make it easier to get a mortgage loan.

Here’s the deal. You find yourself a multi-unit property. You move into one corner and rent out the rest to others who are also looking for a roof over their heads, because it’s not just homeownership that’s tricky right now; the rental market is showing some challenges as well.

Oh yeah, that rent money? It’s like a golden ticket straight to Mortgageville, covering a huge chunk of your costs. It’s like having your cake and eating it too, except instead of cake, it’s a house. And instead of eating it, you’re living in it. Okay, I think you get the point.

Not only are you slashing your mortgage payments, but you’re also building equity. And it gets even better. Qualified homebuyers can slide into this homeownership hack with as little as a 3.5% down payment.

I am always happy to answer any questions you might have, as well as help you to get on your way to being a homeowner. You can reach me here. In the meantime, keep your eye on the prize, because although the current real estate market isn’t a normal one, people are still buying and selling homes here in Maine.