While some seniors choose to downsize in retirement, others move into larger homes. Purchasing a bigger home is a great idea if you want to pursue a resource-intensive hobby like homesteading or simply have the ability to comfortably host your kids and grandkids more often. But how can you find a sizable property in your price range? And how can you safely get ready for the move? These tips will help you choose the perfect homestead and easily plan your move!
Choosing the Right Property
Chances are good you’ve been through the real estate buying-and-selling-rigamarole before, but you don’t want this process to be any more challenging than necessary. PennyMac’s Home Captain service can be the key to selling your current home, as it will connect you with all the services and details necessary to move forward.
Keep in mind, though, that buying a homestead is not like buying a typical residential property. As Treehugger says, you’ll have to evaluate each property you view with a very different set of criteria! Do you want to be close to the nearest town, or would you prefer somewhere more remote? How much acreage would you like access to? Will you need additional space for low-maintenance livestock like goats or chickens?
Furthermore, you’ll want to look for property that you can easily afford. Go over your portfolio with a financial advisor and set a reasonable budget. Overspending on your dream homestead will only hurt your retirement safety net. To stretch your dollars as far as possible, you may want to look into homes in foreclosure or “fixer-uppers” to save on your down payment. Once you settle on a property, informative resources like House Flipping Guide can help you move forward with renovations.
Financing Your Home Purchase
Chances are, you’ll be able to cover the cost of this new property with the profits from the sale of your old home. But if you take out a mortgage on a home later in life, you will have to consider some factors that probably did not cross your mind when you bought your first home! Yes, you’ll enjoy a tax deduction, and you’ll be able to access equity, but if you decide to take out a mortgage on this new property, you will also need to think about what would happen if you pass away before paying it off. If you take out a life insurance policy, USA Today notes that your loved ones could cover the remaining payments without experiencing a financial burden.
Making Plans for Your Homestead
Once you’ve closed on your new property, you can start making preliminary plans for your land! Perhaps you would like to start a large vegetable garden and plant several fruit trees to grow most of your own produce. Maybe you hope to erect a greenhouse. Or maybe you want to scout out the perfect spot for a small chicken coop. It’s all up to you – this is your chance to get creative!
Since your new home will be larger, you can also use your imagination when it comes to furniture and decor. Always wanted a home library? How about a sunroom? Now, it’s all possible!
Stay Safe While Moving
Before you start working on your new land, you’ll need to officially move in. It’s all too easy to get injured while packing your belongings and loading up a moving truck, so it’s best to hire movers for the job. Real Simple recommends asking your social circle for recommendations and calling several companies for price quotes. If you do have to lift a few heavy boxes on your own, try lifting from your legs instead of your back to reduce the risk of muscle strain.
Once you’ve purchased all of the necessary equipment, you can begin bringing your vision for your homestead to life. Why not celebrate by inviting your friends, relatives, and grandchildren over for a housewarming party? If they would like to pitch in as you start your homesteading efforts, invite them to join in!
In retirement, you deserve to have enough space to engage in all of your hobbies and spend plenty of time at home with your loved ones. If you’re interested in homesteading and welcoming your friends and family for large gatherings, purchasing a bigger home could be a great investment. With these tips, you’ll be able to find a fantastic homesteading property within your budget.
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