If someone handed you an extra $700 cash, you would be pretty excited, right? Maybe you would splurge a bit, go out for dinner, or buy that new pair of shoes or new computer you have been dreaming about.

For many who are empty nesters, semi-retired or retired, life is all about budgets, and fun extras become rare or nonexistent. Many older Americans do not have enough money saved to comfortably retire and maintain the lifestyle they were accustomed to.

If you have an extra room in your house, renting it out to a compatible housemate can earn you an extra $700 per month on average. Plus, you have the added benefits of company, someone to watch the house when you are gone, etc.

Seven Tips for Using Homesharing Income

Here are seven ways you could use that extra rent income from homesharing: 

1. Pay down your mortgage.

2. Attend to your health; go to the dentist, get preventive care.

3. Invest in making your home “aging in place” friendly. Use the extra cash to set up your bathroom with grab bars, widen doorways, or install a ramp to the front door. These little things can make a big difference in keeping your home accessible through the years.

4. Have some “mad money” for a shopping spree or special meal out with family and friends. It's amazing how wonderful it feels to treat others.

5. Brighten up a room in your house with a fresh coat of paint or some new pillows.

6. Save all your rent money and go on one big vacation! Time to hit that bucket list! Your rental income could subsidize a wonderful trip to faraway fantasy trips.

7. Become the philanthropist you always wanted to be. Find a good cause that's dear to your heart, and share some of your earnings with your favorite charity. It just feels great to pay it forward!

Are you convinced? Then try house sharing and let Silvernest do all the heavy lifting to help you create a listing, identify the right roommate for you, bring you lots of possible matches to investigate, and offer private chat features, background checks and state-specific lease templates. Silvernest is your concierge for home sharing success. Now it’s your turn, how are YOU using that new rent income? Share your stories in the comments, and learn more on www.silvernest.com.

Posted by Silvernest Team