One question that we get asked a lot is, “Do you recommend Seniors renting out a room?”
There are two ways to go about this. A Senior can rent out a room in their own house to someone else or, as a more affordable way to live, a Senior can rent out a room to live in in someone else’s house. These are both viable options, but there are some factors to consider before renting a room to live in, or renting out a room in your house.
You can keep your home and rent out a room to generate some income. We have met some people who have lived with Seniors and helped them around the house in exchange for free or reduced rent. A person could rent out a room in your home in exchange for helping out with daily routines or running errands, such as grocery shopping. You could also have a more traditional situation where the person pays regular rent and/or covers some utility costs or other bills.
Naturally, you should not have just anyone living in your home. I recommend performing a background check and, if possible, choosing a person you have known for a long time. There are a lot of reports of Seniors getting taken advantage of, items getting stolen, and even worse crimes. Always be cautious anytime anyone is coming into your home.
Sharing a house, whether it is your own or someone else’s, will come at the cost of some personal space and privacy. If these are valuable to you to the point that you are unable or unwilling to compromise on them, this strategy may not work. Again, it is important to consider safety as a primary concern. Wherever you live, whether it is in a house with a group of Seniors or an adult or family that rents a room out, make sure it is a living situation you feel comfortable and secure about
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