[USER]

So l currently have 2 renters who will be moving out..family friends so to speak. I’m concerned with the economy how l can make it financially in my home. I’d like to sell my home and move to an apartment but my mortgage is so cheap. My concern is upkeep. Any suggestions?

I’m on ssi and have health issues so pt work is really not an option.

[Leslie]

Don’t sell your home! That property is your investment for life!
Rent rooms.

[Ginny]

I’ve heard that traveling nurses sometimes make good tenants.

[Maren]

Don’t sell. Apartment living is very expensive. My daughter’s rent has doubled and she had huge rent increases even during covid. Renting is burning money. Try for more renters.

I would contact all the local churches and get their pastors and priests to help you find someone. They may have people in their churches who need a place. Perhaps even a quiet college kid.

My daughter rented a room in an older woman’s home for several years. She needed to be in a quiet home so she could study (chemistry and math classes). It helped her and the woman she rented from.

Useful: I want to save or see if I can make some extra cash in any way I can

[Deidre]

Get a medical student or traveling nurse to stay with you.

[Keyra]

I would never move into an apartment. They are not financially stable. Last one I rented the rent went from 750 to 1300 6 years. Its only for people who have a high income.

[Lori]

I’d never give up my home to live in an apartment. Mortgages are so much less expensive. We own our home, our mortgage is $775. To rent an apartment/ house the same size would be over $2,000 & it wouldn’t have the same outdoor space or amenities that our home does. Put out an ad & find a roommate to help out.

Suggested: My family will be hurt by this decision but it’s time to sell the family home

[Michele]

We sold our 2k sqft home and bought a small co-op unit (think condo, but different ownership structure). You typically have to pay cash for your unit (we live in AZ and paid $43k for ours then did some upgrades before move in), but now pay only the HOA, electricity and cable, so our monthly housing expense is less than $400 – down from around $2k/mo when we were in the house. We love it!!

[Anna]

Check with your local Dept of Aging ours has many things they can do to help with the upkeep free. Last year we had a handicap ramp put in, a window replaced that had a crack across it and a electrical outlet fixed.

I have talked to a senior recently they replaced her roof. So check in to those and they may have resources for other free programs I know we have some here that will replace appliances that are not energy efficient, will put insulation in your walls, alot of good things for seniors.

We are also now eligible for the Homestead Act (Ohio) to have our property taxes reduced in half starting next year (we have already applied and been approved). Every little bit helps.

[Tiffany]

Put the money you’d be saving by staying (apts are crazy these days) and use that towards any repairs.

[Stacy]

Advertise for another renter…for a little less rent, they could probably help you with those things. Screen them carefully!! Very carefully. Or go thru a company to help with that.

You can check also: What do you think of buying a retirement home 5 years ahead of retirement and renting it out?

[Renae]

Never sell your home to rent. I had to rent an apt before I got the equity out of the family home and it was as much as my house payment now. I spoke with the current renters and they said the rent had doubled in just a few yrs from $3400 to $6500/mo. (SoCal rent is horrible). Ask around to find a local handy man to help keep the home in good shape.

Never ever do a reverse mortgage, they equate to elder abuse and should be outlawed.

[Author]

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