4 House Hacking Homes: Great for Some, Harder for Others
“House Hacking” is a trend you may have heard if you pay attention to real estate trends. While this name is new, the idea is as old as time: buy a property and use it to make yourself some extra money to cover your mortgage! House Hacking most often refers to when the house in owner-occupied and is being used as a primary residence while a portion of the house is used as a short-term rental (STR).
Many municipalities in Colorado are cracking down on homes being used as STRs full time, but most allow STR with a license if the home is used as a primary residence. For many, this provides an opportunity to make monthly payments more affordable- allowing a buyer to afford a higher priced home. But for some, running a business out of their primary residence can be a challenge. Between ensuring the home is presentable for guests, managing online STR platforms and having guests live in their space, for some house hacking just won’t hack it!
Before buying any home with the intent to rent it, make sure to check county and city laws regarding long term and short term rentals as well as HOA rules and licensing requirements. Here are four homes with separate spaces for STR opportunities:
Black Hawk, Gilpin County
Multi-family compound w/ ample opportunities
Price: $905,000
Details: House: 4 Beds, 3 Bath, 2,553 Sqft w/ second kitchen in basement; Hunter cabin: studio w/ outhouse; Garage: oversized 3 bays w/ framed ADU upstairs
Lakewood, Jefferson County
Home w/ Separate Entrance to Basement
Price: $800,000
Details: 4 Bed, 2 Bath, 3,244 Sqft
Broomfield, Broomfield County
Home w/ Separate Entrance to Basement
Price: $800,000
Details: 5 Bed, 4 Bath, 2,709 Sqft
Arvada, Jefferson County
Townhouse w/ private entrance to small suite on main level
Price: $692,215
Details: 3 Bed, 4 Bath, 1,919 Sqft