9 Ways to Downsize When You Retire

2) Rent Out Your Space

You may find it’s emotionally difficult to leave a home with so many memories. This is the house you spent many happy years with your family.

You may have also invested a lot of time and money in your home with improvements and modifications. You are probably well-integrated in the neighborhood and leaving the comfort of the community can be tough. It’s understandable that you may not want to give this all up. Here’s another option: consider renting out your empty room(s). Your location will dictate the success of this business venture. For example: if you live near a university, you have a good chance of finding students who are looking for quiet, safe housing. This will generate cash for essentially doing very little. If the mortgage is not paid off, this will help. If it is, this extra money can help to pay your property taxes and other expenses.