I wanted to provide another real estate idea that has been growing in popularity, and will keep growing for several more years. This post is all about making money boarding elderly people. You can also look after people who may need care after an accident or stroke, or anyone who needs help caring for themselves. You will need to check with zoning and government regulations before you get started. You might need special training and certification where you are located.
The local by-law and fire marshal may have certain requirements to take care of people in your home. This could be items such as proper fire safety equipment, fire escapes, fire extinguishers, solid bedroom doors, window egress requirements, drywall / fire barrier requirements ect.
You will also likely need modifications to your home such as grab rails in the bathrooms, ramps to get in and out of the house, power beds etc.
The first type boarder is the type requiring part-time care. There are many families that are tasked with looking after elderly parents or adult children that may not be able to work. This is great, except for sometimes families need a break. This could be for a night, weekend, week or any short term. If you have experience as a nurse, or other type of care worker, you could be a valuable asset to a family that needs a break. If a person is terminally ill, then this is referred to as palliative care.
The price you can charge will often depend on the services you are required to provide. Think of the opportunity as a babysitting service for the elderly or a person with limitations that do not permit them to look after themselves. I had a friend you looked after the victim of a stroke. They just had to provide a room, and make meals, wash his clothes, get him out side for fresh air, and take him to appointments.
I also want to let you know about another idea that is growing in popularity. There are some elderly people offering to share there home with young people who can help with maintenance, repairs, and loneliness. This can be a win win as noted in this article about how many seniors have too much house and millennial’s do not have any.
The elderly population has been growing steady and will continue to grow for many more years. If you have a desire to work with elderly people, you can provide many services to them. You can also help some of the many families that may need a break from caring for an elderly family member.
Until next time,
Design your landlord experience
Michael P Currie
Also check out the following articles:
20 Ways to make money investing in real estate
Can you make money renting to exchange students?
And of course no article would be complete without providing you with an opportunity to buy my book – CLICK HERE
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