Buy Twice What You Need, Rent Half Of What You Buy

by Melanie
(Johnson City, TN, USA)

One way to minimize living expenses in retirement is to purchase a full-sized home, both components of a duplex or a home with a mother-in-law apartment or guest house on the property. If you are buying a single-family home, you may have to incur additional expenses to divide it into a home and apartment configuration.

The other options are good to go as they are. Simply live in the smaller section and rent out the larger portion to pay some or all of the total mortgage costs. This has the added benefit of someone on your property when and if you decide to travel, keeping a general eye on things without added expense to you.

Depending on how big of a place you are willing or able to purchase, you may be able to rent out to multiple families and possibly even use your segment of the housing arrangement to trade in a home trade agreement with other individuals in order to provide places to stay while traveling.

There is also the option of having a tenant who provides maintenance services for all of the units in exchange for free or reduced rent on their own unit, freeing up your time for pursuing your own interests in your retirement years. Even if you decide against rental units entirely, it may be a good idea to look into housing exchange programs to give options for traveling in your golden years.

The more options you look into, the better your chances for creating a lifestyle that meets all of your retirement goals as closely as possible.