As an alternative to moving into your home, your parent may want to consider sharing their home with others, moving into someone else's home, or finding a new house that can accommodate them and several other people. Shared households can be arranged either by sharing expenses or by exchanging services for rent. For example, a homebound homeowner might prefer having someone do housework, shopping, yard work, or other errands in exchange for free lodging. This sort of arrangement should be put in writing, so there are no misunderstandings later
Consider these issues:
Adding an Accessory Apartment
Another way your parent can remain at home is to add a separate, self-contained apartment unit to his or her house, called an accessory apartment. This allows your parent to stay in his or her house but not be alone, and the rental income will provide him or her with additional living resources. Creating a new kitchen, bath and access are usually the most expensive changes to be made; however, your parent's home may only require minor changes to accommodate an accessory unit.
Before your parent starts building, you might consider:
Before your parent searches for a tenant, consider whether he or she wants a companion, someone who provides home services, or just a renter. If your parent needs help around the house, some tenants may be willing to exchange services for rent. Any arrangement for exchange of services in lieu of rent should be put in writing as part of the rental agreement. Also, it is important to be alert to any tax consequences in this type of exchange services.