Source: Crossroads Today —
Owning rental real estate can be a good idea, no matter what age you are. But owning real estate in retirement can be extra advantageous because it can help you diversify your retirement income while also padding your retirement savings.
If you’re looking for ways to expand your senior income, here are three reasons why owning real estate in retirement could be a good move for you.
1. RENTAL INCOME
Rental income is the most obvious benefit of owning real estate. You, as the landlord, get a paycheck each month from the tenant.
If purchased wisely, the rental property should generate enough money from the monthly rental rate to cover its ongoing expenses, including maintenance, repairs, property taxes, and insurance, leaving you with extra cash each month to use as you please. This rental income is generated somewhat passively, making it a fantastic way to supplement your retirement income outside of savings, investment income, and social security alone.
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