Fridays with the Fiddle Fig: "I could never afford a home in San Diego"
Does this sound like a thought you have had? Recently we have helped a few clients who didn't think they could afford to buy a home in San Diego figure out some unique ways of making home ownership a reality for them. Today I am going to talk about 3 ways to make a home in San Diego more affordable than you think it is.
1. Get a roommate or roommates.
Although this may not be an option for everyone it is a great way to bring down your overall responsibility on your mortgage. The going rate for a room rental in San Diego is between $800 and $1,200 per month. That would really cut your costs. You would also be splitting utilities. We just sold a client a home last month who is getting 2 roommates. The rent from the rooms is paying almost her entire mortgage.
This amazing online platform has allowed anyone to share rooms in their home or other types of living situations such as granny flats and converted basements. This opens up all sorts of possibilities to subsidize your mortgage. Let me tell you about a personal story for this one. I purchased my first home 4 years ago and I would have really been strapped if I had to pay the whole mortgage without any help. I started out renting one room in my house on airbnb and a small studio on the property. This paid for my entire mortgage, utilities and I was able to pocket some extra cash in the super busy months.
3. Buy a multi-unit property.
This could be considered one of the most traditional ways to help with your mortgage and it has an added bonus of being able to become a profitable income property down the road. This is a property that has two or more dwelling on one piece of land, such as a duplex. An example is a client of ours just recently closed on a duplex in South Park. When including the rent from one of the units our client is paying almost 50% less then they would if they had purchased a single family house in South Park that is the same size as one of the two units.
With home prices continuing their upward trend it’s time to get a little creative to make the dream of homeownership a reality. We have helped clients implement all three of these strategies and more. If you are interested in chatting about it let us know.