Advantages of Home Sharing Especially for Older Adults
Unfortunately, many Americans are feeling the pinch of rising housing and energy prices. With no respite in sight, many people have been looking for other ways to supplement their income or lower their housing costs. One solution is to earn additional money by renting out a spare bedroom in their house.
Home-sharing is a terrific method to generate extra money on the side, with added benefits that go beyond the extra money gained. If you’re thinking about house-sharing, these are some of the numerous advantages that opening your home may give.
Having Help around the House
Maintaining a household might feel like a full-time job in and of itself. Thankfully, having a shared house is an excellent method to share some of the day-to-day obligations of maintaining a household. The host and visitor frequently share household tasks, yard work, and cooking. In certain circumstances, especially with elderly senior hosts, the guest pays a lower rent for housekeeping assistance.
Having a visitor around the house while you are away providing extra perks for frequent travelers. Save money on the house sitting and pet care, and feel at ease knowing someone is collecting the mail and watering the plants.
A Better Environment
Living together, it turns out, can influence the housing industry’s overall sustainability. How? Home-sharing adds to existing housing inventory without needing any new buildings. Every extra room supplied is one less person who needs their own area.
Fewer Expenses
You can generally deduct any reasonable expenses incurred to generate rental revenue, including operational and capital costs. The percentage of square footage occupied by your visitor is frequently used to determine the part of housing expenditures. Some expenditures to consider are as follows:
- Utilities
- Repair and maintenance expenses
- Taxes on real estate
- Fees for condominiums/strata
- Fees for administration and management
- Insurance
- Fees for home-sharing services
Make New Connections
Although people frequently prioritize their financial requirements, studies have consistently demonstrated various intangible benefits to home-sharing that go far beyond monetary gains. Among these are the new social contacts you make through home-sharing and the improved happiness that occurs.
Having someone in the house to talk to and share our day with boosts our general happiness. The primary line is that sharing our delight improves our joy. Telling others about our satisfaction offers more advantages than simply remembering or writing it down ourselves.
No Need to Downsize
Do you have a lovely home, but your children have long since left, and you’re finding it increasingly difficult to justify upkeep costs? Perhaps your grandparents are trying to make ends meet but do not want to leave their lifelong home.
Home-sharing helps people who might otherwise be unable to stay in their homes to stay in the communities they wish to be a part of. Combining all of the previously described benefits, many individuals discover that it is once again doable and cheap. Many people report that their homes have become more lively and full of new vitality.
Also Read: 6 Practical Benefits of Shared Housing You Need to Know
Conclusion
There are many benefits to house sharing. For one, it can save you a lot of money on rent and utilities. Additionally, it can be a great way to meet new people and make new friends.
For those who are looking for a budget-friendly housing option, you should consider looking for an affordable shared home.
Are you looking for shared housing in Stanislaus? Stayhaven Homes provides affordable and specialized housing for various special needs populations. Give us a call to learn more!