6 Ways You Can Score Free Housing
Written by
G. Brian Davis
Edited by
Zuri Anderson
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Housing makes up the largest expense for most households, often eating up 25% to 50% of their budget.
Imagine how much faster you could build wealth if you didn’t have to pay for it. Try these creative ways to score free housing.
House Hacking
There are plenty of ways to use your home to generate income, ideally enough to cover your housing costs. The classic strategy involves buying a two-to-four unit property, moving into one unit and renting out the others. The rents from your neighbors ideally cover your mortgage payment plus repair costs.
Alternatively, you could create an accessory dwelling unit (ADU) on your property, such as a casita or basement apartment. Or you could rent out bedrooms. Or you could rent some or all of your home on Airbnb, when you’re not using it.
Live-In Flips
If you enjoy renovation projects, you can buy a fixer-upper, move in and make repairs on nights and weekends. Then you sell it for full market value and move on to the next one.
Own the property for at least one year and the profits get taxed at the long-term capital gains rate. Live in it for two years and you qualify for the Section 121 exclusion, and you pay no taxes on the first $250,000 in profits ($500,000 for married couples).
Jobs Offering Free Housing
Some jobs provide free housing as a perk.
My family and I enjoyed free housing for ten years, living overseas. My wife worked at several international schools, and they provided upscale furnished housing (including an oceanfront apartment at one point). We met engineers, medical staff and other expats who also received free housing.
Not all of these jobs require you to move overseas either. Some groundskeeping or security jobs offer free housing, as do live-in domestic support roles. The latter could involve companionship and basic housekeeping tasks for seniors, or helping with childcare.
Seasonal Hospitality Workers
Sometimes seasonal jobs in the hospitality industry provide free housing, as well.
“Rural lodges, RV resorts and campgrounds offer housing in exchange for 20 to 25 hours a week of service,” explains Blaz Korosec, CFO at Investorade. “You earn a small cabin, cottage or park model home worth about $900 per month. You assist with guest check-ins, basic maintenance or coordination tasks.”
Housesitting and Petsitting
You can stay for free when you housesit and sometimes care for pets, as well.
Often these gigs are just for a week or month at a time, while an owner is out of town. Even in those scenarios however, you can enjoy a free upscale accommodation for your own vacation. Check out TrustedHouseSitters.com or Rover.com as reputable options.
Melanie Musson, finance expert with Quote.com, notes that you can score long-term housesitting gigs as well however.
“If you live in a popular area for second homes, you may be able to find someone who stays in their second home a month or two a year and needs someone to take care of it the rest of the year,” she explained.
Onsite Manager or Superintendent
Small- to medium-sized apartment buildings often can’t afford a full-time property manager who lives on site, so they offer free rent in exchange for coordinating work around the building.
“Owners with 20 to 40 units want someone who can manage light maintenance, greet contractors and prospective renters, maybe monitor parking lots and patios,” adds Korosec. “You essentially become part security eyes and part coordinator.”
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