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What is House Hacking?

Full article: https://retipster.com/terms/househack... What is House Hacking? House hacking is a new term for an old concept: using your house to make money. The strategy is most widely used by young adults looking for creative ways to afford payments on a first home, but anyone can engage in house hacking. The practice encompasses several approaches and directly responds to the rising cost of homes, particularly in urban areas. House Hacking Explained House hacking is a new term for an old concept: using your house to make money. In times past, this practice might have been called running a boarding house. House hacking uses a similar approach but with a twist; the strategy is most widely used by young adults looking for creative ways to afford payments on a first home. But anyone can engage in house hacking. What makes house hacking new and different from simply renting rooms in one’s house is that the practice encompasses several approaches and directly responds to the rising cost of homes, particularly in urban areas. House hacking can be accomplished by the following methods: Buying a duplex, triplex, or quadplex, living in one unit and renting out the additional unit or units Renting out the extra bedrooms in a house Renting out an additional living space in a house, such as a finished basement, converted garage, in-law suite, guest house, or additional dwelling unit (ADU) There can be other creative ways to monetize the space in and around one’s personal residence, but these are arguably the most common methods a house hacker will use. Join Our Community! REtipster Forum: https://retipster.com/forum REtipster Facebook Group: https://retipster.com/facebookgroup Follow Along! YouTube: https://retipster.com/youtube Facebook: https://retipster.com/facebook Instagram: https://retipster.com/instagram Twitter: https://retipster.com/twitter Pinterest: https://retipster.com/pinterest LinkedIn: https://retipster.com/linkedin TikTok: https://retipster.com/tiktok