Expanding Homeownership: Strategies to Turn Your Charleston SC Property into a Side Business

Dreaming of owning your own home in the midst of rising living costs? The quest for additional income through side hustles is becoming increasingly popular, especially among younger individuals facing challenges like student loan debt. As a local real estate expert in South Carolina, AgentOwned Realty understands the evolving landscape of homeownership and offers two strategies to make it not only more affordable but also a potential source of income down the road.

1. Transforming the Challenge of a Fixer-Upper into an Opportunity: Consider breaking into homeownership by exploring fixer-uppers, homes that may have lingered on the market due to needing some love and attention. In the current housing market, where finding an affordable home is a priority, a fixer-upper could be a viable alternative. Purchasing a home that requires some work not only makes homeownership more attainable but may also allow you to enter the market at a lower price point. While it requires a bit of elbow grease, the investment of time and effort into enhancing your property not only turns it into a comfortable home but also builds equity for potential future profits when it comes time to sell.

2. Renting Out a Portion of Your Home To Make It More Affordable: Another savvy strategy involves purchasing a home with the intention of renting out a portion of it. Renting out part of your home can be a significant source of income, as highlighted by a recent press release from Zillow. This approach not only helps with monthly mortgage payments but also positions you as an investor. As Manny Garcia, Senior Population Scientist at Zillow, notes, rental income can be a crucial factor for those navigating the 'side hustle culture,' making homeownership dreams more achievable. If you're open to the idea, renting out a portion of your home not only contributes to affordability but also transforms your property into a dual-purpose asset.

In the face of today's affordability challenges, these strategies offer more accessible paths to homeownership, particularly for younger buyers. As the best brokerage in Charleston, SC, AgentOwned Realty is ready to discuss these options and help you navigate the local real estate market. Connect with us to explore how these strategies might play out for you, making homeownership a reality with additional financial benefits.

If you’re looking for your dream home, or if you need to sell your existing home, we can certainly help, our agents are ready and able! Agent Owned is a full service brokerage that can assist you in getting pre-qualified to loan approval. We can help you with title insurance, home insurance and the warranties you need to protect your most valuable asset. At AgentOwned, we have helped thousands of people buy and sell their homes, we have been in business for over 30 years and know what it takes to get the job done right the first time. 

Each agent has access to a team of qualified professionals from attorneys to mortgage specialists and access to a knowledge base of highly experienced Brokers that can handle any situation. Find the right agent now at: https://www.agentowned.com/all-agents 

To learn more about South Carolina including schools, employment and more see: https://www.agentowned.com/moving-to-south-carolina 

If you’re interested specifically in the Greater Charleston area see: https://www.agentowned.com/moving-to-charleston-sc 

If you’re looking for information about Manning, Sumter and the Lakes Area, see: https://www.agentowned.com/moving-to-manning-sumter 

And if you’re interested in the greater Anderson area see: https://www.agentowned.com/moving-to-anderson