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3 Ways To Buy A Home That You Can Live In And Rent Simultaneously

30 March 2020

Cody Day

When a person or family goes house shopping, they will need to figure out their top priorities, as this will allow them to buy a property with confidence. In your situation, you may feel determined to own a house that you can live in and rent out at the same time. This requires that you purchase a home with certain qualities because not every property will be able to satisfy this goal easily.

Multifamily House

An effective way to get a house that you can rent and live in is to prioritize a multifamily home. For instance, buying a duplex allows you to live in one unit while dedicating the other unit to function as a full-time rental. This might be your ideal scenario because the only things you must share with your tenants include the front yard, front entry, driveway, and backyard.

However, making this kind of purchase will likely require a considerable budget since you are essentially getting two homes on a single property. If you are close to affording a multifamily house, you should consider prioritizing fixer-upper duplexes to purchase a place comfortably.

Extra Bedroom

If you are comfortable with having a roommate, you may want to buy a home with an extra bedroom or two. This will make it easy to leave the bedroom empty and advertise that you are renting out a bedroom. In this situation, you are only guaranteed a private bedroom because you will need to share all the living spaces with the tenant that moves into your house.

When you are considering this kind of living situation and rental setup, you may want to prioritize a master bathroom because it will prevent you from having to share one with the roommate.

Basement

Living in an area where basements are common gives you another option for renting out the house that you own while also living it in as a permanent residence. Buying a house with a finished basement may allow you to start marketing the basement as a rental right away. You can also buy a place with an unfinished basement and work on turning it into a rental over time.

For instance, you can treat it as a fully functioning apartment when you are willing to build an exterior entrance because this will meet one of the major requirements.

With these options, you should feel confident about your ability to buy a house that you can rent out and generate monthly income. Contact a real estate agent to learn more.

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