Buy a Larger Property After Retirement and Live Your Homesteading Dream
If you have wanted to try your hand at homesteading but have been too busy with a demanding career, retirement might be your chance to pursue your dream. To do so, you will probably need to acquire a larger property. You may be thinking that this is impossible, but with a little financial planning, research, and a strategy, you can relocate to a bigger home with enough land attached for a viable homesteading project. As a bonus, a larger home will make it easier for you to invite family to stay, so you can enjoy their company during your retirement years.
How to Upsize Affordably
Retirees who are thinking of homesteading likely have an advantage when it comes to selling high and buying low. Properties that are nearer to urban centers and offer easy commutes to workplaces tend to be priced higher, whereas homes in remote locations are more affordable.
Consider how out of the way you are willing to go. While it’s important to have access to grocery stores, health care facilities, and other amenities, you can still find a home on land that is within your price range. You may also be able to find a larger property at a fair price if you are willing to look at foreclosed properties or if you have the skillset to do repairs on a home sold as-is.
Get your finances in order.
When preparing to buy a property, improve your buying power by reducing existing debt as much as possible. Focus on high-interest loans first and see if you can consolidate any remaining debt. You might also want to check out debt management plans— but do so with the awareness that being on such a plan could potentially hurt your credit. Offset this by doing what you can toboost your credit score, such as paying off older debts first.
Budget carefully to see what you can afford after the sale of your existing home. You can even look into professional home staging to boost the value of your home as you put it on the market. Finally, remember to plan not only for future mortgage payments, but for as sizable a downpayment as possible. Your budget should also address the fact that a larger home with homesteading facilities will likely carry more upkeep expenses.
Research what you will need, and house-hunt accordingly.
Look into the quantity and kind of land you will need for your project. It is possible to homestead successfully on minimal acreage, but if you are thinking of keeping livestock, you will need at least enough land for rotational grazing. Also consider such concerns as drainage, water sources, and soil health.
Figure out the minimum square footage you need in your residence, remembering to account for additional space both for visiting relatives and for any work areas you will set up in your home. If you need an in-home office, a small room will likely suffice. If you need a workshop or storage facility, shop for a house with larger rooms or outbuildings, or consider remodeling options to open up space.
Plan for a small business if needed.
It’s important to be aware of any zoning restrictions that could affect your plans as you proceed. If you intend to run a business out of your home, check the local laws regarding small businesses. It might be worth your while to create a limited liability company or LLC, which will provide greater flexibility and better protection of your property and assets. There are tax benefits connected with owning an LLC, too.
Again, be aware of your local regulations since different stateshave different requirements for LLC formation. If you are uncertain about the legal ramifications, you could consult an attorney to help you set things up. Alternatively, you can find a reliable formation service to help you set up your company far more affordably.
If possible, start planning for your relocation and homesteading project well in advance of retirement, so you can transition smoothly into this exciting new epoch in your life. You can then look forward to many years of enjoying your time on the land with your family.
Get the ball rolling by contacting DREAMROSE Design for a free estimate for top-notch home staging. (646) 568-4145
