How renting out rooms can help pay for your house
House hacking permits you to rent rooms to tenants who pay your mortgage for you
The goal of house hacking is to get the tenants to pay all your mortgage, thus allowing you to either live it up in style, reinvest the funds or pay down your mortgage.
It’s known as a house hack. And no, it doesn’t have anything to do with Ikea. It’s the latest investment craze sweeping the internet, and has become popular in the US where multifamily homes are common.
House hacking allows you to live in a home without actually paying for it thanks to the rent provided by other tenants. And, given our rent-a-room scheme, which allows you to earn €14,000 tax-free from letting rooms in your house, Ireland may actually be a good place to try it out in.