WealthStrategist.ai helps normal people understand retirement without the jargon. We'll help you know what to do and connect you with retirement specialists who explain things in plain English.
"The kids' rooms are empty, and my house feels too big. But is downsizing really worth it?"
This might surprise you: The average empty nester is sitting on $100,000 to $200,000 of potential retirement money in extra space alone[1]. And no, you don't have to sell your house to get it.
"Really? How does that work?"
Let's look at three ways to turn extra space into retirement money:
1. The Room-by-Room Strategy
Average monthly income potential[2]:
- Spare bedroom: $700-900
- Garage storage: $200-300
- Parking space: $150-250
- Home office rental: $500-800
That's potentially $1,550-2,250 extra monthly income without moving.
2. The Downsizing Math
Average numbers for 2024[3]:
- Selling costs: 6-8% of home price
- Moving costs: $5,000-8,000
- Price difference needed to make it worth it: At least $100,000
3. The "Stay and Modify" Plan
Converting space costs vs. potential return[4]:
- Adding a separate entrance: $5,000-8,000
- Creating a kitchenette: $10,000-15,000
- Monthly rental income: $1,000-1,500
- Payback period: 12-18 months
"What's actually worth doing?"
Here's what other empty nesters are making monthly (2024 numbers)[5]:
- Short-term rentals: Average $1,200
- Long-term rentals: Average $850
- Storage rental: Average $250
- Office space: Average $600
"What should I do first?"
- This Week:
- Measure your unused space
- Check local rental rates
- List possible modifications needed
- This Month:
- Get 3 contractor estimates
- Research local regulations
- Calculate potential income
- Next Steps: Take our quiz to:
- See your space's income potential
- Get a customized action plan
- Learn next steps