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How to increase the money in your pension with the house: the keys to renting insurance

Date: May 25, 2024 Time: 17:25:34

Often, the fact of retiring in Spain entails a reduction in a person’s liquidity. For this reason, some pensioners who can afford to rent a home may see in this fact one more option to earn extra money in each monthly payment.

At a time when people’s expenses take over their income month by month due to inflation and the cost of living in general, pensioners try to carry out methods to achieve a little more economic oxygen. For this reason, and given that many retired people already enjoy real estate with their mortgages already paid off, carrying out a safe, sustainable rental with guarantees always seems like a good option. However, before taking any steps on this matter, it is worth consulting the pros and cons. Be well informed of the legal conditions -if any- and of the faces to follow to achieve a little more liquidity by this means. That is why we are answering frequently asked questions today.

Can a retiree rent out their home for extra income?

The answer is yes. A retired person may rent her house to get more money than her own retirement brings. However, not all pensioners can choose to rent real estate to increase their checking account.

So where is the condition? The determining factor is that the retiree must have a contributory pension. Only in that case is there a compatibility between renting insurance and collecting the pension with absolute normality.

Are there pensioners who cannot rent their house?

Not quite. However, there is a type of pensioner who does have more problems when carrying out this lease. These are people whose pension is not contributory. In the case of non-contributory pensions, if the income from the rental exceeds 5,538.40 euros per year, the right to receive the pension will automatically be lost. However, these limits may vary depending on the situation of cohabitation.

Conditions established according to different situations

If you live with a spouse, siblings, grandparents or grandchildren

If you live with two people: the maximum income allowed is 9,415.28 euros per year. If you live with three people: the maximum income allowed is 13,292.16 euros per year. Allowed are 17,169.94 euros per year. Living with parents or children: If you live with two people: the maximum income allowed is 23,538.20 euros per year. .

It is essential to take these limits into account to avoid losing the right to the corresponding pension. In case of exceeding them, the situation must be carefully evaluated and income generation options considered.

Are there other options for renting insurance in retirement?

Tourist rental has become a very profitable option in recent years. Platforms known as Airbnb have promoted campaigns aimed at pensioners who want to make their properties profitable during retirement. These campaigns offer the possibility of renting a space and promise considerable profits.

However, if you do not want to depend on tourism, there are various applications and platforms, such as Badi, Idealista and Vibbo, which have thousands of daily users and allow you to advertise your space for long-term rental. These platforms give you the possibility of establishing your own conditions, such as the prohibition of smoking, allowing or not the presence of pets, or establishing a specific age range, among other aspects.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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