Primary Home House Hack - Rent out 1/2 of property

1 Reply

Hi there!  My husband and I have 3 little ones, 7 and under. We are in the Central Florida area and have been considering house hacking our primary home. I'd like to get feedback and your perspectives of the pros and cons for our scenario.  The idea just came to me in an effort to reduce our personal cost of living footprint. My thought was that we could split our 4 bedroom 3 bath, 2,400 sq. ft. home into 2 almost equal size family living spaces. We would fill in a 3/4 wall and add a deadbolt lock door to separate the two spaces, leaving the first half with the 3 secondary bedrooms and 2 bathrooms with the kitchen, family room, and laundry, with a garage door entrance.  The 2nd half (our family's half) would have the main house entrance. This half would leave the master bedroom, formal living room, and formal dining room with the master bathroom and sitting space. We would have to convert the formal living into a small kitchen type space (IKEA) (plumbing costs to add a sink and fridge to the space ...? not sure how much), and use the formal dining as a quaint living room. Leaving our oversized master bedroom for a triple bunk bed for the kids, and the sitting room space (divided by a privacy curtain) for us to sleep.  The tenant family and our family would share the garage, laundry, pool, and backyard.  Some extra details... Mortgage ~$2400 a month. We would look to rent the 3/2 side for about $2,000 including water and utilities.  I'm in the process of looking through our HOA docs to see if this is even allowed in our community. My thought is that if you, as the owner, are living in your property, leasing out part of your home is allowed. But I can't find the HOA docs to confirm just yet. :( If anyone knows what's generally the case on this in central florida, please let me know. This Post is the first step in this project idea for us. What do you think :-/ Would appreciate hearing your input on HOA regulations, pros and cons of this scenario, and any other productive points. Thank you!

@Zoeimy Floyd. Seems like a lot of work, unless the home is located in an area zoned for Multi-Family!

I would think it more advantageous to your family's "personal cost of living footprint" to sell your current place and downsize to something more financially comfortable for your budget.