Retirement can be an exciting prospect for over sixty fives looking to kick back their heels and let their hair down, but traveling and living the high life doesn’t come cheap and so we have put together some of our favourite ways to generate some extra income in retirement, so that you can make the most out of it.
One of the very first things that comes to mind is owning a rental property. Owning a buy to let requires a substantial outlay initially however if done right can provide a good return on investment. Receiving that regular rental yield may just be enough to finance your retirement and don’t forget you also then have the property as an asset to sell on as and when you wanted to, or perhaps you might want to pass this asset onto the next generation by willing it to a family member. Another thing to bear in mind is that depending on how hands on you which to be you may also want to consider a property management company who can help manage your tenants, especially for retirees who are looking to go travelling a lot. Once you have purchased your rental property you may want to consider how fit for purpose it is, be prepared to potentially do some renovation work to get the property up to scratch for the rental market. If you are interested in getting some tips on how to design a rental house you may want to read our blog on ‘Designing The Perfect Rental House’.
If being a landlord is not for you perhaps running a bed & breakfast might be more suitable. If you like catering and you are a people person this might be the perfect way to earn some extra money for your retirement. This is a great idea for those retirees who are looking to make some extra money quickly before heading off on their next globe trotting adventure. If you are considering this option you may need to look at the layout of your home and perhaps even consider adding an extension. Initial outlay costs can be essential for this option as you need to make your home as appealing as possible however, once again the return on investment can be good if done right. Byoot can assist with renovation or extension projects whether they are big or small, we can help you create an inviting B&B while also keeping in mind that first and foremost that it is your home.
For retirees looking for an option for earning some extra income with less of an initial outlay, why not consider becoming a tutor or consultant. Take your hobby to the next level, do you play the piano or are you a keen knitter or perhaps you are a maths whizz why not share your talent and earn some extra income in the mean time. The returns are likely to be lower but then again the initial outlay is considerably lower, all you need is a room in your home that can be a dedicated tutoring space. It is important to separate this room from the rest of your home so as that you can shut out distractions and give your student your full attention. Byoot can help you transform a room in your home into the perfect space to hold your tutoring sessions.
Byoot provides a full turnkey solution to our clients, from planning, architects, structural engineers, building control and the build, leaving our clients to focus on their day jobs while we do ours. If you are thinking of extending, renovating or improving your home speak to one of the team on 0208 4509185 or send us an email at email@example.com