My wife and I are retired and rent out part of our home to members of our family, it has brought extra income to add to our retirement income, This if course isn't for everybody and it does come with challenges, sometimes a lot of them, , but as we get older and our physical abilities aren't the same anymore, it's nice to have someone here that is younger to help us with things that we can't do as easily. Anyone who would think about doing this can ask me specific questions about how to approach this.Happy to help.
This is a great way to turn your house into a money making asset while at the same time having someone nearby who can be of help when needed.
My mentor always recommends trying to make your house work for you.
I can see how this would present some challenges but nothing that can't be worked out.
Thanks for sharing your knowledge on the topic! Look forward to hearing from you more around the community!
I think that is an excellent plan! I can envision some of the challenges, but it has to be a great source of income, especially if your home is mortgage free!
I'm curious, because it's family, do you still require them to sign a lease?
We haven't asked our family to sign a lease, we made their rent affordable so getting into another place would require more earnings on their part, if they did move out someday it would be there call,and life would go on for us regardless.We do plan on leaving the house and property to them after all .I think how it's handled depends on how well and understanding a family is.