Make Extra Money in Retirement by Renting Out a Room

Many folks often find their disposable income becomes a bit less so after retirement. Sure, you may have saved enough to live comfortably, but often that reserve starts to dwindle. What if you want a bit more spending money or crave a vacation? Are you sure you can afford it?

Regardless of your reasons for wanting a bit of extra income, renting a room may be a viable option. If you have a weekend or summer home, you could even rent the whole thing. There are several agencies through which you can rent, including Airbnb and VRBO.

Renting a Room

Getting Set Up to Rent

Whether it’s a spare room, a detached apartment, or a summer getaway, any of these things can be rented. Of course, you may need to fix it up a little before having guests come to stay. You should also check with your local government to make sure there aren’t any regulations or restrictions. You may also have to pay extra taxes on any income that comes from your rental.

Once you’ve decided to rent, however, staging can be an exciting and fun project. You’ll want to make sure your place is comfortable and well-equipped for guests. If you’ve never stayed at a vacation rental, it may help to see how others’ set theirs up.

You’ll also need to get some good photos taken that you can put online.

How It Works

With Airbnb, there’s a million-dollar insurance policy for those who use their service. Plus, they also have a review policy. It’s required that both the renter and rentee write a review following each rental.

Folks using the site have online profiles you can check to learn about your potential guests. There’s also the right to refuse a renter if you feel uncomfortable with them.

If you enjoy playing host, however, you may meet some rather interesting people from all around the world. Plus, you can also benefit from the extra income your rental brings in.