13 Feb Home Alone? The Pros and Cons of Baby Boomers Renting Out Part of Your Home
Should Baby Boomers Rent Part of their Home?
Before you consider renting out a part of your home, go to the DVD store and pick up “Duplex” starring Ben Stiller and Reese Witherspoon. If you still have the desire to rent after watching that movie, then go ahead and read this article.
Renting out a part of your home is an easy way to earn some extra income, but there are some considerations you must take into account before deciding to share your home with paying strangers. If you do not own your own home, then you need to consult with your landlord or read through your lease to make sure that you can legally rent out part of the home.
If you do own your home, but you reside in a gated community or complex of some sort then you need to check with your property manager to find out whether you can rent out the property to other persons, and if so, what the extra fees are that have to be paid or any extra arrangements such as parking, security etc.
If you have a single family home on your own lot, then you can move to the next step of thinking about the future of your home. Do you have children that may need to move back in with you? Are you finished having children? Do you have an elderly parent that may need to move in with you? In other words, are you absolutely sure that you will not have a purpose for that extra space you are willing to rent out?
Then you move on to the next question- is there enough space for you to live comfortably with your tenants? If not, and you are thinking of making renovations or adding on to the structure make sure you get all the required permits and plans and work out the budget to see if it is worth it in the end.
Now that you’ve done all your investigation, you can realistically examine the pros and cons of renting your property.
Pros
• You’ll earn an extra income.
• It’s nice to have other people around or, at least, know that they are very near.
• More persons in the space will reduce the risk of danger (i.e. safety in numbers)
• There’s someone there to help you in your time of need. For example, you won’t have to walk far to borrow the sugar.
• You can carpool and buy bulk groceries to save on living expenses.
Cons
• Someone will always be in your space; if that bothers you, renting is not a good idea.
• The duties of a landlord can be tedious as you are responsible for any and everything that goes wrong.
• The tenants may not be the wonderful neighbors that you’d dreamed of.
• They may be careless in taking care of your property, thus bringing down its value.
• They don’t have to walk far to borrow your sugar.
• You will have to spend money before you earn money, and if the place is not done right the first time you will lose more money than you spend.
• Your property becomes open to people other than your tenants as they’ll invite their own guests to their home.
Renting out a part of your home is a sacrifice of your space, your time, your privacy somewhat and your money initially. However, if the extra income is worth it and your home and personality are such that disturbances of the sort that arise with tenants in close proximity do not affect adversely, renting out a part of your home can be good money-making idea.
What do you think about renting out your home as a means of earning extra income? Tell us at BoomerYearbook.com.
www.boomeryearbook.com is a free social networking site connecting the Baby Boomer generation. Share your thoughts, upload pictures and find old friends, or use our online optical illusions and brain games, provided by clinical psychologist Dr. Karen Turner, to expand your mind and help ward off the possibility of depression, dementia and Alzheimer’s. Join now to discover the numerous ways in which this online social networking site for the baby boomers and boomers of all ages can contribute to optimal physical and emotional wellness. The baby boomers generation changed the world. We’re not done yet!
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