Taking the leap from renting to homeownership can be scary, but don’t be deterred from putting down a deposit. There are so many great reasons to buy and multiple ways to help pay your mortgage!

Homeownership allows you to build equity, and also gives you the ability to take full control of your environment. For a first-time buyer, a condo with a spare room is ideal for those looking to bring in a bit of extra cash.

Below, we’ve listed a few ways that you can transform your extra square footage into a space that will offer some financial peace of mind.

Create an Airbnb Listing

For those who have a spare room but don’t want to deal with permanent roommates, Airbnb is a great way to bring in additional income.

Short-term rentals allow you to decide who stays with you and when, meaning you can host people when it suits you best! Plus, depending on your location and how often you accept guests, you can actually bring in more money from Airbnb than from a monthly renter.

Condos are especially great for platforms like Airbnb because they’re usually situated in urban areas that are close to all the action. This bodes well for tourists, who are often looking for a premium location but prefer the homey feel of an Airbnb to a hotel room.

Though travel has reduced significantly over the past year, now is a great time to set up your space for when the world re-opens. To do this, it’s important to put yourself in the mindset of your guest. What do you need most when you travel?

We recommend starting with the essentials, or the basic, practical items that every guest will require. This includes things like towels, spare linens and some toiletries. After that, you can get personal by creating a welcome book or flyer. This should include important information like the Wifi password and nearby transit stops, but also share some of your unique recommendations and local favourites.

Lastly, little touches like a bottle of local wine or some fresh flowers will really make your space stand out and help generate great reviews!

When travel resumes, and it’s once again safe to welcome people into our homes, check out the Airbnb comps in your area. This will help you determine a fair price for your listing. Lastly, make sure you’ve reviewed all of the legal information. When renting out a room at your main property, there can be certain tax rules and regulations to follow, as well as condo bylaws or rules to abide specific to short-term rentals.

Make Room for Your Side Hustle

If you have some extra time on your hands, consider building out one of your hobbies into a small business. Whether you’re selling handmade items on Etsy or recording weekly podcasts, a side hustle can help you bring in a little extra cash.

Whatever you’re passionate about, it’s important to create a dedicated space for your work. Fortunately, owning a home means you can take your spare room and fully transform it into the space that you need. Want to build a mini recording studio? You can do that. Need to cover the walls in shelves to house your products? No problem! Owning your home allows you to create a space that’s 100% authentic to who you are.

Find a Roommate

Taking the leap from renting to homeownership can be scary, but don’t be deterred from putting down a deposit. There are so many great reasons to buy and multiple ways to help pay your mortgage!

Homeownership allows you to build equity, and also gives you the ability to take full control of your environment. For a first-time buyer, a condo with a spare room is ideal for those looking to bring in a bit of extra cash.

Below, we’ve listed a few ways that you can transform your extra square footage into a space that will offer some financial peace of mind.

A great roommate can also be a wonderful addition to your social circle. If you’re lucky, something that begins for financial reasons could blossom into a close friendship!

Ready to chat with an agent?

The Rise Condos & 325 Park East in Bridgwater:  

Myles Viklund & Derrick Li – Rancho Realty Services (Manitoba)

Let’s Connect

Amber Grove Condominiums in Amber Trails:

Anita Sharma Turner – RE/MAX Associates

(204) 997-5337

Let’s Connect

Hudson Condominiums in Devonshire Village: 

Stephanie Childerhose & Averie Hill — Rancho Realty Services (Manitoba)

(204) 999-7833 or  (204) 451-4179

Let’s Connect

The Charles Condos in Charleswood & Vue Taché in St. Bonafice 

Rhonda Funke & Shannon Goodwin — Rancho Realty Services (Manitoba)

(204) 453-4267 or (204) 979-7355

Let’s Connect

Couture West Condominiums in Ridegwood West:

Jenifer Gulay – Royal LePage Alliance

(204) 794-9464

Let’s Connect