Going to a four-year university is sometimes a necessity to get into your preferred job industry. So, you may willingly take out a student loan to get the education you need to have a career that you will enjoy. After you graduate and get a job, you might be able to pay it all off with massive payments. But, you may want to become a first-time homeowner, and the student loan debt may be mentally holding you back. If you can get an affordable home, you will be essentially trading rent with a mortgage payment. But, you will also gain a few unique opportunities to generate money after purchasing a home.
Rent Out Your Driveway
The idea of someone paying to use your driveway might seem like a strange notion. But, it happens and it is a perfect opportunity for you to earn some cash for parking on the street or in the garage. Your location will greatly determine how much money you can make, but you can find out about how much you can earn by just putting in your address and providing details regarding parking availability. You can even take it a step further by letting people park in your garage, which will naturally earn more money.
Rent Out a Bedroom
If you are buying a three or four-bedroom house and only intend on using one or two of them, you can make the decision to rent them out to generate additional income. One option is to look for long-term tenants in which the same people live in the house for the time that is specified on the lease. Or, you can give yourself a little less responsibility by making it a vacation rental that you can rent out when it works for you. The flexibility is hard to beat in vacation form, but it may be difficult to fill regularly. So, you just have to decide whether the income consistency of a long-term tenant is worth the extra commitment.
Grow Your Own Food
It is normal for homeowners to have some kind of backyard and front yard. So, even if you do not have much land to work with, you can grow your own food in the garden. Certain vegetables such as tomatoes, broccoli, peas, and Brussel sprouts can give you easy harvests and healthy meals. It is not going to replace your grocery bill, but it can certainly bring it down a notch to help with your student loan debt.
By making use of some or all of these clever ideas, you can buy a home and pay off your debt faster.