This piece is part of my 2016–2026 archive migration. Some original formatting, content, and external links may be missing, changed, or not be optimized.
There is no need to fear leaping into homeownership now
One includes having other people live with you to cut your monthly costs.
Don’t Live Alone
When you live alone, the weight of the mortgage is your entire responsibility. Most of us don’t want to feel that weight. Hence, the way to avoid this is to live with other people that you can easily tolerate.
Strategy 1: Roommates
If you have a $3,000 mortgage and a three-bedroom home, you can rent out the other two rooms for $500-$1,000 a month; by doing this, you bring in an extra $1,000-$2,000 a month.
Roommates don’t have to be people you don’t know; they can be trustworthy friends or family that you know will faithfully pay their rent on time.
Strategy 2: Partner Up
If you and your partner are in a healthy, committed relationship, moving in together might not be the worst idea if you both are money conscious and enjoy living around each other full-time.
Not only will you get to experience more of life together, but you can further cut the financial costs that come with owning a home. Now your rent is down to $500–$1000 a month.
Strategy 3: Airbnb
Don’t want people to stay at your home all the time? Rent out a room as an Airbnb on selected dates each month. If you do four weekends a month, that could easily cover a large portion of your rent.
Strategy 4: Pay The Mortgage At Full Price
The thing about real estate is that if it’s the correct type of property, it will appreciate (increase in value over time). As your home increases in value, you’re paying down the mortgage to enjoy the appreciation at a future date.
The fourth strategy includes implementing the above-listed strategies and paying the full mortgage. Now you can pay off your home in 15 years or less because you’re throwing extra money on the mortgage every month. Then you can get your second property and continue building from there.
There are always multiple ways to afford a home. If you have decent credit, an emergency fund, and a stable income, then there is no reason why you should shy away from buying a home unless you’re just not interested in home ownership. If your dream is to buy a home, get creative and make it happen.
What If I Lose My Primary Source of Income?
Before you buy a home, have a one-year emergency fund in place.
Always have more than one source of income.
What If My Renters Fall Through?
Get new renters. There are always people looking for a place to live. Run background and credit checks and interviews to ensure you pick wholesome people to live with you at your residence.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.