Houses Age Too: One Simple Idea for Covering Home Maintenance Costs

Posted by Silvernest Team on Nov 29, 2017 12:45:42 PM


Although many of us want to age at home, that cherished space can become harder to manage as we get older and our kids move away. We no longer need all those bedrooms. And let’s be honest—our houses are aging just like we are, and they need costly surgery sometimes too. The question becomes, is it even feasible to stay at home? The answer is “Absolutely, yes!”  


From Money Pit to Money Maker

The home you love and cherish is your best asset. And you don’t have to sell it or reverse mortgage it to benefit from it. Rather, you can monetize it!  


Thousands of boomers and empty nesters are leveraging their homes to supplement their income—all by renting those empty bedroom rooms. Many are earning as much as $750 a month in rent and they are using the money to do everything from home repairs to paying off their mortgage to finally taking that dream vacation. Just because your family has moved out, doesn’t mean you have to.  


There are other benefits, too. Having a housemate also means there is another person to help with the upkeep.  You can even trade some of the rent for chores around the house. Need someone to rake the leaves out front?  Or take the trash cans out? These things can easily be negotiated as part of the rent.


Having another person in your home, also provides security and gives your kids peace-of-mind knowing there’s someone there.  


“So, how do I find that perfect housemate?”  That’s where Silvernest comes in. Learn more in this video:


 Image credit: Adrian Mackles via Flickr

Tags: Retirement and Finance, Homesharing, Income