There’s a new cottage industry developing and it can translate into some serious homesharing income for you if you are interested. The reality of today’s aging population is that seniors are trying harder and harder to stay as long as possible in their own homes as they age. In fact, medical practitioners are working to provide ways and means to get ailing seniors well enough to return to their homes. Data shows that as we age, we actually live longer and more fulfilling lives the longer we are able to stay in our own homes. The same data shows that for seniors who find themselves in a retirement home or long-term care facility, their life expectancy is affected.
These are reasons why the new homesharing trend is becoming an attractive answer for seniors living at home with more room than they need, but are not prepared to sell their homes and relocate to a retirement setting. The way you can benefit from this trend is simple – by renting out part of your home. If you are a senior living alone with half a house or a suite or a full living space as a second floor in your home, you are already set up to capitalize on this great homesharing income opportunity.
In addition to providing living space for a fellow senior, the rent you will be collecting from them will allow you to live in your own home longer. It’s a lot like when you had a roommate in college to help split the costs ranging from food to utilities and anything else that was required for life as a student. The difference here is that you are splitting the same costs but at a later stage of your life.
The best way to enter the homesharing market is through two very good websites designed to match seniors looking for renters with senior renters. SilverNest.com and SeniorHomeShares.com have screening programs in place to make the matches as good for each party as possible and both have had a great deal of success in creating a homesharing market that has virtually exploded thanks to their programs.
The advantages to homesharing are many including the aforementioned cost sharing, which will reduce your actual home expenses. The amount you save can actually go into savings and become part of a larger retirement fund you can tap into later in your life. The communal living model is not new and one more advantage is the social rewards that come with it. This is particularly true if you find yourself renting part of your home to students rather than seniors.
But before you jump into the homesharing market you need to ask yourself a few simple questions:
1 – Do You Have Enough Extra Room?
Renting just a room may work for a student but maybe not so much for a senior with many belongings. Take a hard look at what you have available to ‘share’ and go from there.
2 – Do You Have Trouble Keeping Up On Bills?
If your current costs of living are stretching your budget and you do not plan on downsizing in any way, homesharing may be a benefit. If you can’t cover your costs and have little or no space to share, then homesharing is probably not the answer.
3 – Do You Want To Do This For Short Or Long Term?
If you have space you can rent seasonally, then this will have an effect on the kind of renter it will interest. Short term rentals are good and may be the best fit for your circumstances. If you are prepared for a longer commitment, someone moving in for a number of years may be the correct option.
4 – Do You See Yourself As Social Or Anti-Social?
The way in which you get along with others will be your main indicator. If you need the extra income but don’t want anyone else around as you prefer to live quietly alone, then homesharing is not for you.
If you can answer those questions and homesharing still sounds like the next move for you in your home, check out the two websites suggested here and register your place for rent.