Spare Bedroom? How Homesharing Can Help You Age In Place
The pandemic has prompted many boomers and seniors to re-evaluate plans for retirement and aging. As tragedies unfolded in numerous long-term care homes, many are now considering alternatives that would allow them to age in place.
Homesharing can help achieve this – where homeowners rent out spare bedrooms in their home to like-minded long-term housemates in exchange for rent, companionship, and possibly added help around the house.
For Karen, a vibrant, active, and solo empty nester in Etobicoke, Toronto, the idea of renting out a spare room in her home seemed scary at first. “Initially I was a bit hesitant because I would have a stranger living with me. Those concerns were quelled when I came across Sparrow”, said Karen.
Sparrow offers a turnkey homesharing service that helps you find, connect, and match with a verified pool of potential housemates to consider renting out a spare room to.
As interest rates begin to rise and inflation increases to a new 31-year high of 6.7%, aging in place has become a very expensive pursuit. For homeowners with unused bedrooms in their homes, homesharing presents itself as viable solution. “My son had moved out and I had the extra space. I really needed the extra income”, said Karen.
People from around the world are turning to homesharing as a way to reduce housing costs, enhance quality of life, and build meaningful connections. In the Greater Toronto Area, hosts can earn up to $1,200 per month in extra income to cover rising living costs.
“I wanted a platform that makes me feel safe to share my space”, said Karen, who decided to host her space using Sparrow’s platform that includes identity verification, background checks, and screening interviews to ensure safety is never compromised.
Aside from the extra income, there are numerous other benefits to homesharing including alleviation of social isolation, reducing the burden of home maintenance, and supporting community. “When I came to Canada years ago, it was very difficult to find affordable living. I can’t imagine what it feels like today. I decided to homeshare to pay it forward by helping somebody with finding a place to live at a reasonable price – it’s a win-win”, said Karen.
With summer around the corner, now is an excellent opportunity to evaluate whether homesharing is right for you. If you have a spare bedroom, put it to work with the help of Sparrow.
Plus, CARP members receive a special $50 discount on Sparrow homesharing services.