The Short North and Victorian Village have become two of the trendiest neighborhoods in Columbus. With cocktail bars and new restaurants galore, they attract both millennials and baby boomers looking for a walkable neighborhood and daily entertainment.
There’s only one problem. Homes are very expensive.
New-built condos sell for half a million or more. And, renting a 740 sqft apartment will set you back $1,350 per month.
Co-Living May Solve Your Problems
Co-Living is a new trend that allows people to live together in a home or condo they could not afford by themselves. Each resident rents an individual bedroom and shares common areas like living rooms and kitchen.
This probably reminds you of college dorms. And that’s exactly why millennials embrace this concept of living with roommates.
Let me show you how you can take advantage of this trend, live (almost) for free and even save some money to pay off student loans.
The Perfect Home for Co-Living in Columbus
This beautiful brick house at 1320 Hunter Avenue is perfectly suited for the “live free” strategy. It’s located off High Street between the Short North and the Ohio State Medical Center. A perfectly quiet location, yet only a short walk to shops, bars and restaurants.
The home comes with 3 bedrooms and 3 full bathrooms. Ideal for 3 people to share the house while maintaining their privacy.
I am currently listing it for $385,000.
Roommates Pay for Your Mortgage
Let’s say you rent 2 of the bedrooms to “tenants” for $1,000 each and you keep the 3rd bedroom for yourself. You share the first floor – the living room and the kitchen – the storage in the basement, and the deck for entertainment.
At today’s interest rates under 4% your monthly principal and interest payment would be just $1,606 (assuming a 10% down payment).
Profit from Rising Home Values
As a reader of this newsletter you know that Columbus home values have increased by almost 7% year over year. And our City is still growing.
If home values continue to rise, you should be able to sell this property for a nice profit in the future.
This is not a far-flung idea. Co-living is exactly how one of our friends covered his housing costs after college. He sold his first house for a $57,000 profit after only 5 years.
Call or text me TODAY at (614) 975-9650 to see this perfect Co-Living Home!
Susanne Novak has been a Realtor since 2007. She is the broker and owner of RE/MAX 24/7 in the Dublin Historic District. Susanne typically helps 50-60 families each year with their real estate needs. She's your trusted advisor when you search for your dream home, and a skilled negotiator when she lists your property to get top dollar when you sell.