Offset a Mortgage with Rental Income

Offset a Mortgage with Rental Income

This Cape in Cambridge, Vermont, has an accessory apartment, and is an ideal situation for a new homeowner who wants to offset a mortgage with rental income.

Is it your dream to own your own home? Are you worried about affording a mortgage? Here’s a suggestion: consider buying a house with an accessory rental apartment. Then you can offset a mortgage with rental income. Renting out an accessory apartment—that’s a complete, private apartment within an owner-occupied home—could solve your problems and also provide housing for someone else, without anyone having to share common space.

In addition, purchasing a property that has a proven record of rental income looks good to the bank. It increases your income substantially and could tip the scales in favor of that mortgage.

First-time homeowners take note!

I know firsthand that a property with a renting opportunity is a very good option for a first-time homeowner. When I bought my first home it was a duplex. A friend and I bought it together and were roommates in one half. We rented out the other half and that rental income made it easy for us to make the mortgage payment. We were both able to get ahead financially. Eventually we both moved out and bought other homes. In the long run it was a very good first investment for both of us.

House for sale with accessory apartment

The rental market in the Cambridge, Jericho, Underhill, and Richmond area is tight, which means if you own a house with an accessory apartment you are pretty much guaranteed a renter. I just happen to have a listing in Cambridge that offers that scenario.

The main house is a charming hillside Cape with a large open living room/dining room/kitchen area. The upstairs has three bedrooms. The accessory apartment is in the walk-out basement. It’s a bright and sunny apartment with a separate entrance, separate parking, separate utilities, a large bedroom, and washer/dryer hook-ups. The property has lovely perennial beds. It sits on a half acre and is in a nice neighborhood with a short walk to the village. Take a look at the photo album on my Facebook page.

So, if you are getting a little concerned that finding a nice house that you can afford may be out of your reach, give this Cape with accessory apartment some thought. For a complete description of the house and apartment click here. If you’d like to see it in person, email me or give me a call at 802-858-9193.

Thanks for reading and good luck in your search!

Lea Van Winkle

Posted in Pleasant Valley News, Rural Vermont Real Estate.