A recent study examined a new trend; among seniors who rent out a portion of their home. House sharing is an economical option for seniors who lack sufficient retirement funds, or for those wanting to stay in their homes as long as possible. The study notes that more than half of all working age households haven’t saved enough to replace their income in retirement. While renting provides a financial advantage, it also provides a social benefit. Seniors seeking to meet new people or share their retirement with another retiree find renting an attractive option. In addition, almost half of all seniors say they would consider sharing their house in exchange for minimal assistance with everyday activities. In considering a house sharing option, it is important recognize potential pitfalls. Personal privacy and general independence will change with the addition of a renter. Additionally, rental agreement terms must be concisely defined to avoid future conflict if the renter wants to include various household responsibilities as conditions of the contract. All things considered, renting and house sharing can be a great opportunity for retired individuals. If this is something you are looking into, let us help make sure all your bases are covered.
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