As you age and gain financial security, you might become more interested in turning your current home into a rental property and moving yourself into something a little smaller. This is a great chance for you to downsize your current living situation, saving you money and gaining the peace of mind that comes with a clean and neat living space. It also lets you earn a little extra cash. Ideally you have paid off your mortgage, and turning your home into a rental makes it an incredible source of income. You should consider turning your home into a senior-friendly rental property. Here’s why and how.
Since people are living longer and remaining healthy, the senior population continues to need places to live. The number of senior renters has increased 28 percent in the last decade alone, meaning this is the perfect population to market your rentals to. Senior adults need excellent rental properties. They are looking for something that will be stress-free and easy to maintain. Obviously, older adults do not want to do anything that might put them at risk. Shoveling snow is so dangerous for those over 55 that they have been advised not to do it. Living in a rental property means seniors can rest assured that they will not be putting themselves at risk by trying to maintain their homes.
Making your rental property senior-friendly is good for you too. Senior renters are not going to host raucous parties or trash your apartment. They are simply looking for a comfortable space where they can live and be happy. Your senior renters will appreciate your lovely home and quiet neighborhood and they will be grateful for the maintenance you do on the property.
What needs to be done at home?
To turn your home into a senior-friendly rental property, there are several things you will need to do before you can begin. Your home as it is might be perfect for you and your family, but it will not function the same for an older population. Aging in place design can help you remodel your home so it works as a senior apartment rental. The home modifications are often simple changes that you might not have realized were necessary.
Seniors are typically looking for modifications that can assist them in living as independently as possible. This includes a minimum of stairs, grab bars in the shower and next to the toilet, even and smooth flooring to assist with a wheelchair or walker, and increased lighting throughout the house to decrease the risk that they will miss an obstacle or hazard on the floor. These alterations will help make your current home safe for senior living.
How do you find renters?
Now that you know the group you’d like to rent your home and you’ve made the necessary changes, you’ll need to find the right renters. With software like Turbo Tenant, you’re able to advertise your rental property and screen prospective tenants. You can post your listing everywhere online, increasing the chances that the ideal renters will see it and respond. The program can then allow your renters to apply online and ask them for important details about their backgrounds and history. This information will help you to decide who you think would best fit. If you’re worried that seniors won’t see your listing or know how to apply, don’t worry. Senior technology use is steadily rising, and you can always post old-fashioned flyers if you’re concerned about people seeing the listing (and then encourage them to use the online application!).
Choosing to rent your home can seem scary, but if you find the right type of renters and make the appropriate changes, you will love the consistent income and the happiness you’re providing.