#186 - Retirement Travel - One Way to Fund Your Dreams

Do you have dreams for traveling in retirement? Everyone’s dreams are different, but every dream is going to cost some money. On today’s episode of The Retirement Answer Man, my friend Jamie joins me to talk about one creative way to fund your travel dreams. Discover how you can use your home to produce income when you’re not there, so that you can enjoy your travels. Learn what a sharing economy is and how it can benefit you and fund your dreams for retirement travel.

What is a sharing economy, and how can it help fund my retirement dreams?

A sharing economy is an economic system in which assets or services are shared between private individuals for a fee. Uber is one example. AirBnb and VRBO are systems that can work for you to fund your retirement travel by renting out your house, earning money when you are not there. It allows you to monetize your home as an asset to fund your retirement travel dreams. My friend Jamie has had great experience with AirBnb, and joins me on today’s podcast to discuss how it works.

The benefits of renting out your home while you travel

Renting out your home to fund retirement travel takes a bit of preparation and work. But the benefits are worth it. Not only do you create income while you are away, but you also have someone staying in your home without paying a house-sitter. And, in my friend Jamie’s experience, you have the opportunity to build clients and become friends with repeat guests. Listen to today’s podcast episode to hear Jamie’s story of how renting out their home has benefitted his family.

How to prepare your home for rental when you are away

Sharing your space with other people may seem overwhelming at first. But you can start small and acclimate to the process as you go. To get started, check your local listings on AirBnb and VRBO to see what is available in your area and what the prices are. On this episode, my friend Jamie describes some of the things he has done to prepare his family’s home to be shared. From buying fresh linens to learning how to effectively advertise his home, Jamie’s insights will help you get started on this new adventure.

How do you vet who will stay in your house when you rent it out?

Many people have concerns about renting their home to strangers. But my friend Jamie’s experience is that people will actually take very good care of your home. On this episode, Jamie shares how he has found that the way you advertise your property and the price you set has a lot to do with who will rent it. Listen in to hear Jamie’s perspective on getting the right clients to rent your home and getting the best price for your rental as well.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:27] Regardless of what your dream is, you will need a way to fund it.

HOT TOPIC SEGMENT

[5:06] What is a sharing economy?
[6:23] In terms of funding retirement travel, how might the sharing economy help you?

PRACTICAL PLANNING SEGMENT

[10:46] My friend Jamie’s vacation experience in Mexico, and how he funded it.
[17:24] How to prepare your home for rental when you are away.
[19:30] How do you vet who is going to stay in your house?
[20:29] If you’re going to rent out your house, how can you get top price?
[23:55] How renting out your house opens up possibilities of owning a second home.
[24:58] You can rent our your home even just once or twice a year.
[26:58] Building clients and return guests.
[27:58] What are the downsides of renting out your home?
[29:21] What are the next steps to get ready to rent out your home?