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If you’re in the market to buy, the choice could boil down to a condo or a duplex. But someone who would enjoy condo living — communal, with amenities — wouldn’t necessarily savor duplex living, and vice versa.

The financing can vary substantially, as can the fees.

Let’s look at the main differences between these two popular kinds of houses.

What Is a Condo?

First, let’s focus on the first of these two types of houses.

You may wonder exactly what a condo is. Short for condominium, a condo is a single, privately owned unit that’s part of a community of these units. They can be combined in a building or built as detached structures.

A condo is often a good starter home.

It also can be a good choice for a first-time homebuyer, who technically is someone who hasn’t owned a primary home in three years.

Overseen by a homeowners association (HOA), condo owners have an interest in common areas, from lobbies and hallways to gyms and pools. A purchaser of a unit owns the condo’s interior.

Recommended: Buying a Condo: 8 Things To Do

Pros and Cons of Living in a Condo

When considering a condo, here are pros and cons to ponder.

What Is a Duplex?

A duplex is a multifamily home with two units, each with its own entrance. Sometimes a duplex has two units that are side by side, Sometimes one unit is downstairs and the other upstairs. In that case, outside stairs can lead to the second-story unit.

You may decide to buy a duplex, live in half, and rent out the other half for income — or rent both halves.

Pros and Cons of Living in a Duplex

When considering a duplex, here are pros and cons to consider.

What Is the Difference Between a Condo and a Duplex?

If you found a sweet condo and a duplex with potential, it might pose a dilemma. Here’s more info to inform a decision.

Financing

Homes with up to four units are considered residential, so if you plan to occupy one of the units of a duplex, you’re looking at the same types of mortgage loans you would with a single-family home.

A condo buyer will enjoy the same kind of financing that is available to buyers of single-family homes but will face extra steps and slightly higher interest rates. Financing a condo vs. townhouse, for example, involves a lender review of the condo community or inclusion on a list of approved condominium communities.

Cost

A condo may cost less than a duplex, but it will come with HOA fees. Prices can vary considerably based on the location, size, and condition of a property.

Insurance rates can be higher for a duplex because the entire structure needs to be covered. Rates can be more affordable for a condo owner, who is responsible for the interior of their unit only.

Ownership

With a condo, you’d own the interior of your unit, with common areas owned by the HOA. With a duplex, you’d own the entire structure, which includes the lot it’s built on.

Responsibilities

Duplex owners take on all of the typical homeowner responsibilities.The HOA handles maintenance and repairs for condo owners.

Common Areas

Condo owners can use common areas and amenities, which can include a clubhouse, pool, park, and gym.

If you buy a duplex, people living in both units share the yard, with the owner responsible for its maintenance.

The Exterior

As the owner of a duplex, you’re responsible for the entire property.

At a condo complex, the HOA takes care of common areas, including the building exteriors.

Resale Value

Condos tend to appreciate in value, although not as quickly as single-family homes do.

Duplexes also tend to be easier to resell because of the rent received and the lack of HOA fees — but tenants have rights, and you may need to wait for your rental unit to be vacant before you can sell without legal concerns.

Condo vs Duplex: The Verdict

If you like the idea of less maintenance and think that HOA fees are worth what you get in return, you would enjoy the community’s amenities, and you’re fine with less green space, then a condo may make sense for you.

If you don’t want to pay HOA fees (and may not use amenities anyway) and believe that having a yard and more control over what you do with your property is a real plus, a duplex may be a better choice.

The Takeaway

When house hunting, two options may include a condo and a duplex. Each has benefits as well as challenges, which should be explored before you make a financial investment in a property.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

FAQ

Is a condo the same as a duplex?

No. A duplex is a detached home that’s divided in half (side by side or up and down) for two sets of residents, while a condo is a single unit within a condominium community.

Which is better: a duplex or a condo?

It depends upon your preferences and lifestyle.

Is living in a duplex noisy?

It could be! You’ll either have a shared wall or a shared ceiling/floor with someone else. So if the residents in the other half have a rambunctious lifestyle, it could get noisy.

Are duplexes cheaper than condos?

In general, a condo may be cheaper than a duplex, but location, size, and condition affect the values.

Photo credit: iStock/william87

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOHL-Q125-024

If you’re looking to save money and time on the purchase of a home, you might have heard that an appraisal waiver can do that for you.

An appraisal waiver substitutes an automated valuation for an in-person assessment of a property you’re buying. It saves time and money, thereby simplifying the buying process. However, only certain transactions qualify for it, and an automated appraisal may miss some of the home’s important details.

This guide will explain why you need a home appraisal in the first place. We’ll also explain what is an appraisal waiver, how to get an appraisal waiver, and the pros and cons of appraisal waivers.

Why Do You Need a Home Appraisal?

If you’re financing a home with a mortgage, getting a home appraisal is usually a requirement for the lender. An appraisal is an independent evaluation of the home’s value that protects the borrower’s investment in the property. Consequently, it also helps minimize the lender’s risk when releasing money to the borrower for the property.

A home’s value is critical to a lender since the money they make available as a mortgage uses the home as collateral. If they lend out more money than the home is worth and the home goes into foreclosure, they will be unable to recoup their losses when reselling the home. An appraisal assures the lender that the home is worth at least as much as they think it is when lending money.

An appraisal is also important to borrowers because it assures them the property is worth what they’re contracted to buy it for. If there’s something that hurts the home appraisal and the property is not worth as much as they offered in a real estate contract, the buyer has the option of backing out of the sale. They might also renegotiate the terms of the contract (assuming there’s a financing contingency in place). Or, the buyer could come up with more cash to bridge the appraisal gap if they still want the property.

Recommended: Estimate the Value of Your Property

What Is an Appraisal Waiver?

An appraisal waiver is not a situation when an appraisal is not required. Rather, it allows the use of an automated property valuation tool versus using the services of a professional appraiser to determine the market value of your home. It can be convenient to get one if your transaction qualifies, saving time and money (more on that below).

However, many transactions won’t qualify for this type of property valuation, so it’s important to be prepared to go the route of having a professional appraiser involved.

It’s important to understand that an appraisal waiver is not the same as the following:

•   A property inspection waiver. This is something a prospective homebuyer may offer to sweeten a deal. It means they will forgo a home inspection, which could reveal structural or maintenance issues, when proceeding with the purchase of a home.

•   An appraisal contingency. This is part of a real-estate transaction that says if a home doesn’t appraise for the purchase price, you can exit the deal and get your deposit back.

Getting an Appraisal Waiver

If you are interested in getting an appraisal waiver, here are some important points to know.

•   You need to go through your lender to be considered for an appraisal waiver. Lenders must submit paperwork through the home mortgage loan program you’re applying for and help determine when an appraisal is not required.

•   Typically, you can qualify for an appraisal waiver if your lender uses the automated underwriting systems known as Desktop Originator (run by Fannie Mae) or Loan Prospector (run by Freddie Mac). Many lenders do use these systems, but that doesn’t guarantee that you will get approved for a waiver.

•   There are likely additional qualifications to get a waiver. For instance, conventional mortgages through Fannie Mae have different rules than other loan types when it comes to appraisal waivers. Check with your lender for details about eligibility for an appraisal waiver. You may need, among other factors:

◦   A solid credit score

◦   To be purchasing or refinancing a single-unit property, whether that is a single-family house or a condo.

◦   You may need to pony up a down payment of at least 20%, though there are exceptions, such as people who are applying for homes in what are considered to be high-need rural areas.

Next, take a closer look at the pros and cons of an appraisal waiver.

Benefits of an Appraisal Waiver

Some of the benefits of an appraisal waiver include:

•   A shorter time to closing since you don’t need to schedule an in-person appraisal and wait for paperwork to be completed and filed.

•   Saving the cost of an appraiser’s fee.

Drawbacks of an Appraisal Waiver

There are some downsides of appraisal waivers, too. For example:

•   Automated systems can miss improvements and special features of a home, such as a recent renovation that substantially increases the value of the home.

•   Conversely, they can also miss things that substantially decrease the value of the home, such as a recent flood or signs of water damage in an attic. Hiring a professional appraiser can help mitigate valuation issues like these.

Recommended: Understanding the Different Types of Mortgage Loans

Who Is Eligible for an Appraisal Waiver?

If your transaction meets the following qualifications, it may be considered for an appraisal waiver:

•   If your loan casefile has been recommended for approval

•   The property involved is a single-family residence

•   New construction where there is a prior “as is” appraisal

•   No-cash-out refinance transactions up to 90% loan-to-value (LTV) ratio for principal residence and second homes

•   Cash-out refinance transactions up to 70% LTV for principal residences and 60% for second homes

•   Principal residence and second home purchases up to 80% LTV

•   Principal residences in high-needs rural areas identified by the Federal Housing Finance Agency up to 97% LTV

Transactions Not Eligible for an Appraisal Waiver

As per Fannie Mae policy, transactions not eligible for an appraisal waiver include:

•   Construction loans

•   Two- to four-unit properties

•   Cooperative units vs. a condo

•   Manufactured homes

•   Properties valued at $1,000,000 or more

•   Transactions where a gift of equity is used

•   Leasehold properties

•   Texas 50(a)6 loans

•   Community land trust home

•   Homes with a restricted resale price

•   Renovation loans

•   When rental income is used to qualify for the loan

•   When an appraisal waiver is not recommended by underwriting

•   When the lender believes an appraisal is needed

Fannie Mae states that most transactions are not eligible for an appraisal waiver offer, so if you’re not able to get one, it’s not unusual.

Can a Homeowner Do Their Own Appraisal?

A homeowner cannot order their own appraisal when financing through a lender. The lender must order the appraisal, and it must be impartial, independent, and unbiased.

A homeowner can employ a professional appraiser for their own informational purposes, but the appraisal cannot be used in the lending process.

The Takeaway

Getting an appraisal waiver can help streamline the home loan process and save you money, but if your transaction isn’t eligible, don’t fret. The most important thing is likely getting a reliable, on-target appraisal so that you and your lender feel reassured that the property has at least the value of its purchase price. If you don’t qualify for an appraisal waiver, your lender can usually help you through the home-buying process and every challenge that comes your way.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

FAQ

Can I get a home equity loan without an appraisal?

It’s not common, but it may be possible to get a home equity loan (or a home equity line of credit) without an appraisal if you meet one or more of these criteria: You’ve had an appraisal done in the last three to six months (perhaps for another loan application that you didn’t complete); if you have an existing relationship with the lender (maybe it holds your mortgage); if you have excellent credit; and if you aren’t requesting a large loan amount.

Is it risky to waive the appraisal?

There is risk involved in waiving the appraisal. You could end up overpaying for the property. An automated valuation may miss a problem that an in-person appraisal would reveal (though, bear in mind, an appraisal is not the same thing as an inspection). If you are anxious to close on your new home with speed, however, risking an appraisal waiver may be worth it to you.

Photo credit: iStock/Prostock-Studio

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SOHL-Q125-043

Working while in college is a big decision, and it comes with both rewards and challenges. On one hand, having a job can help you gain financial independence, build valuable skills, and expand your professional network. On the other hand, it can also add stress, take time away from studying, and limit your social life.

If you’re debating whether or not you should get a job in college, it’s important to carefully weigh both the benefits and drawbacks. Here’s a look at how the pros and cons stack up, plus some important factors to consider when looking for a college job.

Pros of Working While in College

There are several reasons to consider working while in college. Some of the key benefits include:

•   Extra cash for discretionary expenses: Even if your education is entirely funded through financial aid, you can’t use that money for fun things, like streaming services, concerts, road trips, and social events. Money earned from a part-time job, however, can go right into your student bank account and is yours to spend freely.

•   Reduced debt: Given the high cost of tuition and other college expenses, many students turn to federal and private student loans to fill in funding gaps. Earning money through a part-time job or flexible side hustle can help cover your expenses and lessen your reliance on loans, allowing you to leave school with less debt.

•   Work experience and skill development: Holding a job while in college can provide valuable work experience that can enhance your resume. You can develop skills such as time management, communication, teamwork, and problem-solving, which tend to be highly valued by employers. Gaining work experience early can also give you a competitive edge when entering the job market after graduation.

•   Networking opportunities: No matter how many hours you work each week, having a job in college can help expand your professional network. Part-time jobs, internships, and on-campus positions often give students the opportunity to connect with professors, employers, and colleagues who may be able to provide job opportunities or career guidance in the future.

Cons of Working While in College

While working during college comes with financial and other benefits, there are some potential drawbacks to consider:

•   Impact on grades: There are all kinds of ways to earn extra cash as a student. But time spent working is time you can’t spend on your school work. If you work too much and don’t allocate enough time to complete your homework, school projects, and/or study for tests, you might notice your grades starting to slip.

•   Less time for socializing and other activities: College is not only about academics but also about building friendships and gaining new experiences. While you may meet new people through a job, you may find yourself working evenings and weekends — prime socializing time with your classmates. A demanding job can also limit your ability to get involved in extracurricular activities, which is another important aspect of college life.

•   Increased stress and fatigue: Balancing work and school can be stressful. Long hours at work, combined with academic responsibilities, can lead to burnout and exhaustion. If not managed properly, this stress can negatively affect your mental health and well-being, and take a toll on your work performance and academic success.

•   Impact on future financial aid: While money earned through work-study programs can’t impact your financial aid, any other income you earn needs to be reported when you file your Free Application for Federal Student Aid (FAFSA). If you bring in more than $11,000 from working while you’re in college (from non-work-study jobs), it could potentially affect your financial aid package in future years.

💡 Quick Tip: Most savings accounts only earn a fraction of a percentage in interest. Not at SoFi. Our high-yield savings account can help you make meaningful progress towards your financial goals.

Things to Consider If You Decide to Work While in College

If you feel the pros of working while in college outweigh the cons, here are some important factors to keep in mind when searching for a job, as well as deciding on how many hours you should work as a student.

Work Schedule Flexibility

A flexible work schedule is important when you’re balancing school and employment. The best jobs for students generally offer adjustable hours and/or allow you to alter your schedule each semester as your class schedule changes. Work-study programs (which may be offered as part of a financial aid package) can be ideal, since they are designed to work around a student’s schedule, allowing you to prioritize class time and study time.

Impact on Academics

If you think a particular part-time job could have a negative impact on your academic performance, you’ll want to think carefully before applying. This is particularly important if you have a scholarship that depends on maintaining a certain grade point average. Losing merit money would likely negate any of the financial benefits of working while in school.

Type of Job

Not all college jobs provide equal benefits for college students. Some roles, such as internships or on-campus jobs, may align with your academic and career goals and offer valuable experience. Others may be unrelated to your field of study but come with other perks, like allowing you to do some studying while you’re on the job or generally being low stress. When considering different employment options, you’ll want to weigh all the pros and cons.

Recommended: 15 Side Hustles With a Low Startup Cost

Campus Resources

Your college or university may offer a number of resources to help you find part-time work, particularly jobs that pair well with being a part- or full-time student. Consider tapping your school’s career center, student employment office, and your college advisor for guidance on job opportunities, as well as time management strategies that can help you juggle working with being a student.

Stress and Time Management

Before you commit to working a set number of hours each week, you’ll want to assess how much time you realistically have to devote to working. Be sure to factor in classes, homework/studying, extracurricular activities, and (yes) downtime. Also consider how stressful the role might be. Generally, the best jobs for college students are low-pressure positions that don’t require checking your email outside of working hours.

While working may be financially helpful, understanding your personal limits and avoiding overcommitment is essential to maintaining overall well-being while you’re in college.

Logistics

If you live on campus and don’t have access to a car, you may want to limit your job search to employers located on or near campus, or you might look into remote job opportunities. If you need to expand your search to jobs that require public transportation, keep in mind that transit time will cut into the time you have for studying and other activities.

The Takeaway

Working while in college has a number of benefits, including financial rewards, job experience, skill development, and building a network you may be able to tap after you graduate. But having a job while you’re in school also has some downsides, including added stress and less time for studying, extracurricular activities, and socializing.

Ultimately, the decision to work while in college will depend on your individual circumstances and goals. With careful planning and time management, students can often successfully navigate both work and academic responsibilities, setting themselves up for success both in college and beyond.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

How many hours a week should a college student work?

The number of hours a college student should work depends on individual circumstances, academic workload, and financial needs. Generally, experts recommend working no more than 15 to 20 hours per week to ensure your academic performance isn’t negatively affected. Part-time jobs with flexible schedules can help students maintain a healthy balance between work and school.

Is it common to work while in college?

Yes, it is common for college students to work while pursuing their degrees. Many students take on part-time jobs, internships, or work-study positions to support themselves financially and gain work experience. According to the most recent U.S. Bureau of Labor Statistics, about 81% of part-time undergraduate students and 42% of full-time students in the U.S. work while they are in school.

What are common jobs for college students?

There’s a wide variety of jobs for college students. Work-study programs typically offer students on-campus jobs, such as being an assistant in a library, administrative office, or lab. Many students also find employment off campus. Common off-campus jobs include being a barista, cashier, restaurant server/host, retail sales associate, receptionist, line cook, and childcare provider. Remote jobs, such as social media management or online tutoring, are also popular among students looking for flexibility.

Photo credit: iStock/ferrantraite

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Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

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SOBNK-Q125-003

If you need extra cash to cover college expenses but you don’t have time for a regular part-time job, you might want to pursue a side hustle. Unlike a traditional college job, a side hustle gives you a fair amount of control over what you do, when you do it, and how much time you spend doing it.

Whether you need a flexible schedule or prefer remote work, there are plenty of opportunities to earn money without significantly disrupting your studies. Here’s a look at some of the best side hustles for college students, including key details like the job’s income potential, costs, and ease of entry.

1. Driving for a Rideshare App

If you enjoy driving and have a reliable four-door vehicle, you might consider transporting people from one place to another through Uber or Lyft. This is a flexible side hustle for students, since you can drive as little or as much as you’d like and work around your classes.

To earn extra money this way, however, you’ll need to meet some basic requirements: To drive for Uber, you need at least three years of driving experience if you’re under age 25; to drive for Lyft, you need to be 25 or older. There are also costs involved with this gig, including gas and car maintenance, which can reduce how much actual profit will land in your student bank account.

Average income: $19 per hour

Costs: Gas, maintenance, insurance, and vehicle depreciation

Remote vs. in-person: In-person

Ease of entry: Moderate (must meet driver requirements and have a qualifying vehicle)

Platforms: Uber, Lyft

2. Delivering Food or Groceries

If you’re not wild about having strangers in your car, you might prefer delivering meals, groceries, or other items through a delivery app like DoorDash, Grubhub, or Instacart. For this college side job, you don’t necessarily even need a car. Some delivery apps allow you to make deliveries by bike or scooter, which can reduce your out-of-pocket expenses.

When you work for delivery apps, you generally get paid per order and can keep your 100% of your tips. One way to potentially boost your earnings is to work for multiple apps at the same time.

Average income: $18 per hour

Costs: Gas, vehicle maintenance, and sometimes insulated delivery bags

Remote vs. in-person: In-person

Ease of entry: Easy (for driving you’ll need a valid driver’s license and a reliable vehicle)

Platforms: DoorDash, Uber Eats, Instacart, Grubhub, Shipt

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3. Dog Walking

If you love dogs and being outside, dog walking can be a good side hustle while you’re in college. If you can find enough clients in a close radius, you might be able to walk several dogs each day in between classes.

Dog walking apps like Rover or Wag make it easy to get started by giving you access to an existing pet-owner network. These apps also allow you to set your own rates and schedule. The downside is that there are typically startup fees, and the app will take a cut of your earnings (anywhere from 20% to 40%). Alternatively, you could start your own dog walking service and drum up business through flyers, word of mouth, social media posts, and/or a website.

Average income: $17 per hour

Costs: Minimal (leashes, treats, or pet waste bags if not provided by owners)

Remote vs. in-Person: In-person

Ease of entry: Easy (some experience with dogs is beneficial)

Platforms: Rover, Wag, Fetch!

Recommended: 15 Low-Cost Side Hustles

4. Pet Sitting or House Sitting

Instead of dog walking, you might pick up work as a pet sitter through apps like Wag and Rover. This generally involves being with the pet for longer stints than dog walking and doing additional tasks, such as feeding pets, playing with them, and giving them medication.

Housesitting is another potential side hustle for college students. When people travel, they may hire someone to stay in their homes, water the plants, get the mail, put out the trash cans, etc. while they’re away. This can be an easy way to earn money with minimal effort. It can also be a nice break from living in the dorms. Some jobs combine house sitting with pet sitting.

Average income: $16-$17 per hour; $50-$100 per day (for live-in)

Costs: Minimal (transportation, possible background checks)

Remote vs. in-person: In-person

Ease of entry: Easy (trusted references and experience can help)

Platforms: Wag, Rover, HouseSitter.com, TrustedHousesitters, House Sitters America

5. Babysitting

If you’re good with kids, babysitting can be a good side hustle for college students. Child care positions generally pay well, particularly if you have babysitting experience or special certifications, like CPR. These gigs may also allow time for studying while the kids are sleeping or doing homework.

You can find nearby babysitting gigs on sites like Care.com and Sittercity. Another option is to market your services by networking and/or posting flyers on bulletin boards where parents of young children tend to go, such as a local coffee shop, gym, or library.

Average income: $18 per hour

Costs: Minimal (transportation, potential background check fees)

Remote vs. in-person: In-person

Ease of entry: Easy (experience with children is helpful, and CPR certification can increase opportunities)

Platforms: Care.com, Bambino, UrbanSitter, Sittercity

💡 Quick Tip: Most savings accounts only earn a fraction of a percentage in interest. Not at SoFi. Our high-yield savings account can help you make meaningful progress towards your financial goals.

6. Resident Advisor (RA)

Resident advisors (RAs) are an important part of college dorm life. They serve as mentors to new students, host events and activities on their floor, and help resolve student conflicts. In some cases, RAs get paid a flat salary or stipend. But more commonly they receive compensation in the form of free room and board which typically includes a single-occupancy room, for the duration of their RA appointment.

To become an RA, you generally need to complete an application, interview, and training. You also typically need a certain minimum GPA and have spent one year living on campus.

Average income: Stipend or free housing (varies by school)

Costs: None

Remote vs. in-person: In-person

Ease of entry: Moderate to difficult (requires an application, interview process, and often prior dorm experience)

Platforms: University housing departments

7. Cleaning, Yard Work, and Odd Jobs

If you’re willing to put some muscle into your college side hustle, there’s a wide range of gigs you might be able to get, including yardwork, housekeeping, painting houses, running errands, and assembling furniture. This type of work offers a lot of flexibility, making it a good way to earn extra cash when you have gaps in your schedule. You can advertise your services on your own (family members, friends, and neighbors can make great initial clients) or find work through an app like TaskRabbit or Care.com.

Average income: $18 per hour

Costs: Minimal (cleaning supplies or tools if not provided)

Remote vs. in-person: In-person

Ease of entry: Easy (can start by offering services to neighbors or through gig apps)

Platforms: TaskRabbit, Thumbtack, Angi Services, Handy, Care.com (housecleaning only)

8. Tutoring

If you excel in a particular subject, tutoring can be a lucrative and flexible side job for college students. Potential clients might include peers who are taking a class you already aced and high schoolers looking for help with their classwork or prepping for a test like the SAT or ACT.

To get started, you might advertise your services through fliers, word of mouth, and social media. Alternatively, you could apply to work through a tutoring platform like Wyzant or Varsity Tutors. Either way, tutors can typically set their own rates and availability and have the option to work in-person or virtually.

Average income: $20 per hour

Costs: Minimal (teaching materials, advertising)

Remote vs. in-person: Both

Ease of entry: Moderate (requires expertise in a subject and possibly certification for some platforms)

Platforms: Tutor.com, Wyzant, Varsity Tutors, TutorMe

Recommended: Benefits of a Side Hustle

9. Freelancing Online

Freelancing offers numerous opportunities for students skilled in writing, graphic design, programming, marketing, or other creative fields. It’s also one of the best remote side hustles available.

If you’re new to freelancing, sites like Upwork and Fiverr may be your best bet for finding work. Just keep in mind that competition for jobs on these platforms tends to be fierce, and rates may be lower than what you might get on your own. Alternatively, you can also use word of mouth, social media, and a website to market your creative services.

Average income: $48 per hour

Costs: Minimal (may need software subscriptions, portfolio, website)

Remote vs. in-person: Remote

Ease of entry: Difficult (some fields are highly competitive)

Platforms: Upwork, Fiverr, Behance, Freelancer.com, FlexJobs

The Takeaway

Balancing work and school can be challenging, but the right side hustle can make it possible to earn extra money without too much interference with your studies. Some of the best side hustles for college students include driving for a rideshare or delivery app, walking dogs, babysitting, tutoring, freelancing online, and picking up odd jobs like painting or assembling furniture.

As you start making money from your side hustle, you’ll need a great place to deposit it. To make the most of your earnings, be sure to look for a bank account that charges minimal or zero account fees and offers competitive interest – even on checking.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Photo credit: iStock/Maksym Belchenko

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
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Sports card investing typically involves buying and selling sports cards in the hope that the cards you collect will increase in value over time. If you collect sports cards as a hobby, you might be interested in exploring how your collection could fold into your overall investment strategy, if at all, and considering its potential to generate returns over time.

Are sports cards a good investment? They may be for investors who understand how the market for sports cards works and how to identify investment opportunities. Like any other investment, however, there are some risks to be aware of, especially when it comes to alternative investments like sports cards. Here’s a closer look at how investing in sports cards works.

History of Investing in Sports Cards

More athletic organizations followed suit, issuing sets of trading cards featuring lithographic portraits and later, photographic prints of individual players. These early sports card sets were often included in packs of candy or tobacco and were used as a marketing tactic by companies to get consumers to buy their products.

Interest in sports card trading grew throughout the early 20th century, and collectors began to realize how valuable these cards could be. Baseball cards were joined by football cards, and later, basketball cards. By the 1980s, the market for sports cards investing and trading was beginning to take off. Investing in sports cards and other sports memorabilia has become a way to diversify and potentially generate returns, outside of traditional stocks and bonds.

As an alternative investment, sports cards offer the potential to combine your investment strategy with your passions if you’re a true sports enthusiast. But it’s important to know that alternative investments can be high risk, and whether or not sports card investing provides returns can depend on a number of factors. (SoFi offers funds with alternative investments, but it does not offer sports card investing.)

Recommended: Alt Investment Guide

The Sports Card Market

The sports card investment market extends to not only baseball or football cards, but a variety of other trading cards including:

•   Character cards

•   Image cards

•   Autograph cards

•   Pokémon cards

•   Magic: The Gathering cards

•   Yu-Gi-Oh! cards

•   Cardfight! Vanguard cards

Some of these specialty cards rival the performance of the most in-demand sports cards. One of the rarest and most valuable Pokémon cards, for instance, was valued at $5.275 million at auction.

How to Invest in Sports Cards

In effect, though, buying cards is really the only way to invest in sports cards. You could also look into buying fractional shares of certain high-value cards on some investment platforms, too.

Key Factors That Influence Card Value

Sports card valuations are determined by a variety of factors, including their age and rarity. Developing a trained eye can help with your decision-making when trading investment sports cards.

Player Performance and Popularity

Savvy collectors consider not just current but future popularity when deciding which cards to invest in. For example, they might buy up rookie cards for a number one draft pick if expectations are high that the player will have a stellar career.

Scarcity also factors in. Limited edition or autographed cards may hold more value and appeal for collectors if there are fewer of them in the trading market.

Card Condition and Grading

It’s possible for sports card investors to have their cards professionally graded. Grading is the process of having a professional evaluate your cards to determine what they’re worth and rating them on a scale of 1 to 10. The higher the grade, the better the condition the card is in and the more it’s likely to be worth.

A perfect “10 card” would have:

•   Four perfectly-sharp corners

•   A correctly-centered image that is in sharp focus

•   No damage or wear to its original coating

•   No staining

•   No writing or stray in/pencil marks

Professional grading services know exactly what to look for, including how to spot fake cards which is one of the biggest risks associated with alt investments in sports cards.

Risks and Challenges in the Sports Card Market

If you’re interested in how to get into sports card investing it’s important to understand these risk factors:

•   Counterfeiting/fraud. Sports cards are a target for counterfeiting, which could put you at risk of making a bad investment if you can’t tell the difference between a fake and the real thing.

•   Inaccurate grading. You may rely on a pro grading service to tell you what your sports cards are worth, but it’s possible they could get it wrong. If the grader’s assessment is incorrect your cards could end up over or undervalued.

•   Volatility and unpredictability. The sports card trading market can be unpredictable and card valuations don’t always hold steady. If a player has a poor season, for instance, or gets traded to an underwhelming team, that could affect the value of your collectible cards and lead to a lower than expected rate of return.

Lastly, there’s the risk of simply getting it wrong. You might believe that a particular player’s card values are going to take off so you sink a chunk of money into buying them. Only, their career doesn’t go as planned or the market takes an unexpected turn and now you’re out the money that you’ve invested.

Recommended: Alternative Investment Definition

The Takeaway

Ready to expand your portfolio's growth potential? Alternative investments, traditionally available to high-net-worth individuals, are accessible to everyday investors on SoFi's easy-to-use platform. Investments in commodities, real estate, venture capital, and more are now within reach. Alternative investments can be high risk, so it's important to consider your portfolio goals and risk tolerance to determine if they're right for you.

FAQ

How important is card grading in sports card investing?

One of the first things you’ll hear about when researching how to start investing in sports cards is grading. Grading is what sets the standard for how much a sports card or another type of trading card is worth. There are numerous companies that offer grading services and it’s important to research them carefully to find a reputable grader to work with.

What sports typically have the most valuable cards?

Some of the most valuable sports card investments have historically been baseball cards, which makes sense since those were the first kind of trading cards to hit the market. Basketball and football cards can also be highly valuable if they belong to in-demand players. And surprisingly, rare Pokémon and other gaming cards can also command impressive prices.

What is the difference between a vintage and modern sports card?

Sports card collectors don’t always agree about what constitutes a vintage vs. modern card. For many collectors, the cutoff is 1980; cards produced before that year are vintage while cards produced after are modern. If you have a mixed collection of cards from different years, a grader can help you figure out which ones are vintage and which ones are not.7

About the author

Rebecca Lake

Rebecca Lake has been a finance writer for nearly a decade, specializing in personal finance, investing, and small business. She is a contributor at Forbes Advisor, SmartAsset, Investopedia, The Balance, MyBankTracker, MoneyRates and CreditCards.com. Read full bio.

Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org). For all full listing of the fees associated with Sofi Invest, please view our fee schedule.
An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. This and other important information are contained in the Fund’s prospectus. For a current prospectus, please click the Prospectus link on the Fund’s respective page. The prospectus should be read carefully prior to investing.
Alternative investments, including funds that invest in alternative investments, are risky and may not be suitable for all investors. Alternative investments often employ leveraging and other speculative practices that increase an investor's risk of loss to include complete loss of investment, often charge high fees, and can be highly illiquid and volatile. Alternative investments may lack diversification, involve complex tax structures and have delays in reporting important tax information. Registered and unregistered alternative investments are not subject to the same regulatory requirements as mutual funds.
Please note that Interval Funds are illiquid instruments, hence the ability to trade on your timeline may be restricted. Investors should review the fee schedule for Interval Funds via the prospectus.

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