Saturday, June 20, 2020

How to Downsize without Moving and Earn Extra Money, Too

The Downsize Side Hustle
Are you thinking about downsizing to a smaller home, but do not want to leave your current one?  Are you attached to your friends and neighborhood, even though you really do not need all that space?  Are you facing the dilemma of wanting to save money by downsizing, but realize that the savings would be small?

If you would love to stay where you are, but need to have extra income in order to manage it, this week's guest post by Art Berry, the author of the inexpensive book, "The Downsize Side Hustle," may be perfect for you.  The book describes the personal experiences of the author and his wife in creating an extra source of revenue from their home, and avoiding the need to relocate.  (Ad)

The book explains exactly how the author and his wife were able to carve out extra living space in their home, which they were then able to rent out.  It includes very specific details on how much it cost them to convert some of the living space in their home into a separate apartment, how much rent they were able to charge, the estimated increased value it added to their home, and the difference it made in their utility bills.  The author is very thorough in the information he provides, and even explains issues you may want to consider before doing the same thing ... such as checking with your city and HOA to see if there are restrictions on creating a second living space within your home.

You can read more about the process in his own words, below, and then decide if you would like to order a copy of the book to learn more.

Is a Downsize Side Hustle for you?

by Art Barry

I, for one, grappled with the question of: Do we age in place or downsize and move? There are many possibilities. I spent a lot of time researching what might be best for me, my wife, and the four-legged pack we affectionately refer to as "the mutt sisters." Our dilemma was that, if we downsized, we would spend nearly as much for a new, smaller home as we would receive for our existing home in the same city. I wondered if there was a way we could downsize in place and turn the unused portion of our residence into a private guest quarters which we could lease. The research I did led me to believe that we could convert about 25 percent of the space to a guest quarters or, if you will, a "granny pod," and rent it to traveling nurses and other medical personnel who work with the four major hospitals in our city. We call it our downsize side hustle.

Recent articles seem to indicate a "Silver Tsunami" is coming with regard to housing in the U.S. The author of one article pointed out that many seniors are opting to stay put because of the high cost of living in a retirement community. This phenomenon may have extreme effects on the housing market for the foreseeable future. This makes a downsize side hustle worthy of consideration as a way to age in place and increase retirement income. Let me point out that downsize and dilemma start with the same letter of the alphabet. Downsizing presents opportunities, as well as dilemmas, for those about to retire, as well as for current retirees. Early in the process, I decided to publish a book about the project. I hope it will help others enjoy the success we had. It is one way to make money in an economic environment which is absolutely shifting away from and creating real obstacles for retirees and older homeowners. 

What did it cost? How long did it take? Who should we lease to? Were we successful? I provide the details for everything we did in the book and how it turned into a success. Our first tenants, an ICU nurse and his wife, leased our property for $1,000 per month.

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If creating a second living space in your home is something you may want to consider doing, Art Berry's inexpensive book, "The Downsize Side Hustle" contains a step-by-step narrative of what Art and his wife Sharon did, their research, sources, expenses, reference materials, and author FAQ's.  Anyone who is considering trying the same thing will find the information they provide very helpful.  As the author of this blog, I was very impressed by their accomplishment, and the detailed information they provide in their book.  (Ad)

If you are interested in learning more about financial planning, Medicare, Social Security, common medical issues as we age, where to retire and more, use the tabs or pull down menu at the top of the page to find links to hundreds of additional helpful articles.

Disclosure: This blog may contain affiliate links. If you decide to make a purchase from an Amazon ad, I'll make a small commission to support this blog, at no extra cost to you.

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Photo credit: Amazon cover photo by Deborah Lynn Johnson

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