With the uncertain economy we have all endured over the last year, more South Florida seniors are trying to find ways to make extra money before and during retirement. As the world slowly begins to return to normal, these methods of bringing in extra income will continue to serve those looking for extra income well. We have five ways in particular that seniors are bringing in extra money from home.
Welcoming Film and Camera Crews
Whether it’s a major production studio or a small ad agency, people who make movies, TV shows, and commercials are always looking for unique locations to shoot. You can welcome these film and camera crews into your home for a pretty penny. Register your home at filminflorida.com to make film crews aware that your home is available for shooting.
In order to submit your home to the location directory, you must give details like the name of your home, address, a brief description, provide contact information, and photos of your home. As with an acting headshot, professional photos are recommended so you can put your best foot forward and appeal to location scouts.
Renting Out a Room on Airbnb
Living in South Florida, your home is prime real estate for tourists who want to see the sites of Downtown LA and the beach. You can bring in a good amount of money by renting out an extra bedroom to travelers by undercutting nearby hotels. By providing a cozy space for weary travelers to rest their heads you can turn nearly 100% profit with every guest.
Getting a Reverse Mortgage
Homeowners who are at least 62 years old and have at least 50% equity in their homes are eligible to apply for a reverse mortgage. If you’re unfamiliar with a reverse mortgage, it’s very much what it sounds like. Rather than the homeowner taking out a loan to buy their house from a seller or the bank, the homeowner takes a loan against the equity in their home and maintains the title the whole time. This is different from a traditional home equity loan in that it does not need to be repaid until the homeowner dies, permanently moves away, or their heirs sell the property.
Further requirements to qualify for a reverse mortgage include that the homeowner lives in the home as their primary residence. This means that rental properties and vacation homes are not eligible. Learn more about your eligibility and interest rates by speaking with a broker like All Reverse Mortgage.
Pet Sitting
Even the intermittent companionship of an animal can go a long way to helping with boredom and loneliness for empty-nesters. Pet sitting has become an excellent way for seniors to bring in extra money without having to make too much extra effort outside the home. You can maintain a flexible schedule by setting your own hours and days of availability.
Starting a Small Business
While the prospect of running a small business during retirement can be cumbersome, intimidating, and outright unappealing for some, you can easily run a small business from your home during retirement. Many platforms across the online space have made it easy to run a small business without having to deal with peripheral tasks like in-depth and high involved marketing efforts, managing a website, or even networking. If you’re willing to allow the site to take a portion of your sales, you can host a shop with an online marketplace like Etsy to sell handmade textiles. This allows you to turn your hobbies into money by selling projects online.
If you’re not interested in the world of selling online, you can sell products at a South Florida farmer’s marketing. Shop around to any of the markets in the area to find where you’d like to set up a booth and sell quilts, paintings, pottery, or anything else that you make by hand. You will not only find this is a great way to turn a hobby into money but you will also become part of a community of other sellers who frequently sell their art.
In addition to bringing in extra money, there are many tax benefits that small business owners who operate from their homes enjoy. If you have a studio or an office that you decide to work out of, you can expense that portion of your home. This includes the full square-footage relative to your mortgage as well as utilities and peripheral expenses for your business like your computer, printers, office furniture, and anything else that you need for your business. Speak with an accountant to find out more about what all is eligible.
