How to Make your Home into your Retirement Income
Entering your retirement years can be confusing, with so many options and avenues available to you. You can choose where to travel, where to live, and if you want to take on a new and exciting way of earning some extra income. For those choosing to remain in place, we have found some interesting ways to make your home into your retirement income.
Renting
There is always someone in need of a room, apartment, or granny flat. By modifying your home and using up space you may no longer need, you can add quite a bit to your retirement income. Each state has its own laws and regulations, but once you get started, you won’t want to stop. Not only will you be adding to your bank account, but you will also get to meet interesting new people. Most rental apartments will require the use of a full kitchen and bathroom, so renovations may need to be made. Rental is made all the more possible by on-line companies, who facilitate short-term stays.
The main message is that as your living circumstances change as you grow older, so will your insurance needs and it is important to review your insurance needs from time to time.
Storage
Do you own a shed you no longer have a use for? Perhaps your family home has space for two cars but you no longer drive? Renting out storage space is an easy way to make money from your home. As long as the area is not subject to flooding and destructive moisture, it may be a breezy bonus.
Garden
Being out in the garden can be a relaxing task for many. If working in the soil with your hands is something you truly enjoy, why not let it work for you? Grow your own fruit, vegetables, and flowers, selling what you don’t want to keep for yourself. Local produce is always popular at markets, with none of those harmful pesticides and unknown elements added. The beauty of this is you don’t need to be living in a large-yarded area, with vertical gardens taking off in popularity over the last few years.
Reverse Mortgage
Another option to consider is a reverse mortgage. While not the most obvious choice, it might be exactly what you are after. What is it? A reverse mortgage involves a lender paying you an agreed-upon amount every month, in exchange for equity in your home. You will benefit from continual access to money without having to sell or leave your home. There are some drawbacks to this, so you must seek legal and financial advice if this is something you consider.
These are just a few of the ways to make your home into your retirement income. The good news is, there are plenty of options available to you. Retirement is the time to do what you love, and if you can supplement your income, it’s an added bonus.
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