To say that today's market is a struggle is the understatement of the century. The same home listed last year is now $50,000-75,000 more. Also, we were entertaining interest rates in the 3% range and now we are talking about the low 5%. For the sake of round numbers, you can estimate that for every additional $10,000 that you spend, your mortgage payment is going to rise by $50/month. 

So how do I get a home that I love that is now more expensive than I am comfortable paying? What a lot of sellers are doing is converting basement spaces into short term rentals or adding accessory dwelling units to their lots. You will also notice this trend in new construction. A lot of new builds are tri-levels with a 2 story main house and a lower level apartment. What this mean for you as a buyer is that now you have an income source that can not only help you meet your payment, but sometimes can pay for your mortgage entirely. It also serves as a great investment and wealth builder for your future.

So take a look and consider whether this option works for you!