As seniors age, the high costs of retirement living communities can quickly deplete their home sale equity. However, choosing to stay in their own homes can offer long-term financial benefits. Yet, concerns about social connections, household chores, and unexpected emergencies often arise.
Fortunately, homesharing addresses all these issues and provides an affordable solution for senior homeowners, even those on a small pension. In this article, we will explore how homesharing can benefit seniors and how to get started.
Financial Benefits and Companionship
Staying in one's home as they age allows seniors to retain their home sale equity, ensuring financial stability for the future. Homesharing takes this a step further by offering an opportunity to generate income. By finding the right housemate, seniors can enjoy companionship that resembles an extended family member. In exchange for subsidized rent, the housemate can provide valuable support with household chores, reducing expenses and easing the burden of daily tasks. This mutually beneficial arrangement not only helps seniors financially but also provides a sense of belonging, reducing loneliness and improving overall well-being.
Peace of Mind and Assistance
One of the primary concerns for aging individuals is the potential for accidents or emergencies, especially during the night. Homesharing offers peace of mind by ensuring that assistance is readily available. A trusted housemate can offer immediate help in case of a fall or any other unforeseen event. They can provide the necessary support until medical professionals arrive, significantly reducing response time and potential risks associated with being alone. This safety net provides seniors with a renewed sense of security and independence, allowing them to age in place confidently.
Getting Started with Homesharing
For seniors considering homesharing, the HomeShare Alliance team is an excellent resource. They offer a complimentary HomeShare assessment to determine if homesharing is the right fit for individual needs. The team assists in matching compatible housemates and facilitates a successful homeshare arrangement. Through their expertise and experience, they ensure a smooth transition and provide ongoing support to both parties involved. Whether you are a senior homeowner seeking companionship or someone looking for affordable housing, the HomeShare Alliance can help create a harmonious living arrangement that benefits all involved.
Don't Sell, Instead Consider a Rental Property Investment
In addition to the option of homesharing, another alternative for seniors considering moving into a retirement community is to rent out their home. Many seniors feel compelled to sell their homes when transitioning to a retirement community, only to find that their savings are rapidly depleted due to the high costs associated with retirement living. By renting out their home instead, seniors can generate a steady stream of income for years to come, serving as a financial supplement to their pension and helping to offset the expenses of retirement living. In the current rental market, even a few thousand dollars of rental income per month can make a significant difference and provide seniors with greater financial stability as they navigate their retirement years. Renting out their home can also serve as a last resort option, if for any reason, they decide move back into their home, or they decide to sell their property at a later stage.
Homesharing is a practical and affordable solution for seniors wishing to age in place. By finding the right housemate, seniors can enjoy companionship, financial benefits, assistance with household chores, and peace of mind during emergencies. Contact the HomeShare Alliance team today for guidance and support throughout the HomeShare process or Property Management options.