Guest Post by Bob Shannon
Estimated reading time: 5 minutes
Image Source: Unsplash
Buying a home as a retiree can bring up certain questions, such as “Should I stay in the area or move to a favorite place?” or “Will living in this particular place allow me to practice my hobbies?” These decisions can be somewhat overwhelming; however, Guthrie Group Homes, Real Estate wants you to know there are many strategies you can consider to help you purchase the home and desired lifestyle for an ideal retirement – especially if you have homesteading in your sights.
What Is Homesteading?
Homesteading is essentially living in a way that allows you to be self-sufficient in one or more ways. Depending on their commitment to the lifestyle, homesteaders may:
- Grow and/or raise their own food
- Generate electricity for their property via solar, water, or wind technology
- Make their own clothing, tools, furniture, or other items
Seniors may choose to take up homesteading habits in their golden years for a variety of reasons. Some spent their careers in busy cities and are looking for the tranquility that “living off the land” can offer. Others may simply want a change from the way they grew up or raised their families. Whatever your reasons for considering homesteading, there are many things to consider.
Before You Commit
One of the worst mistakes people can make in planning for retirement is simply not doing it. Two of the most critical choices you’ll need to make as you plan are where you will live and how you will pay for the house. It is crucial to work through the finances before committing to anything financially because purchasing a bigger home and then struggling to pay for it won’t make for a comfortable retirement.
If you have found the perfect place to retire to and you’re all set to start searching for a potential home, there are a few essential aspects to keep in mind throughout your search.
Things to Consider When Looking For a Bigger House
When buying a house, you need to have a list of items you want and need in your home. Needs should cover things like square footage, home location, the number of bedrooms, distance to the supermarket, floor plans, and other qualities of a house that cannot be easily changed. Buyers should also make a ‘wants’ list, which spells out what they desire in their homes, such as a kitchen island, a workshop, pools, privacy, or free space for a farm or a garden.
When trying to find a bigger house to accommodate your homesteading hobby and that you can afford, heading to a more rural area can help, too. Likewise, setting a lower mortgage rate or finding out if you qualify for a down payment or mortgage assistance program are some of the best things you can do in a rising-price environment. Another good way to stay on-budget is to find a home that needs some work that you’re willing to do.
Starting a Business in Your Home
It is essential to find the home that best suits your needs and will still work for your future lifestyle. Experts encourage buyers to consider how accomplishing the tasks and activities they want to do can impact their home search choices.
If you like to entertain, you need more living room space. The same holds true if you expect family to stay overnight often; you need more guest rooms than you would if you’d only have your family for dinner. Lifestyle also includes what you do for yourself. If you’re considering starting a home business as a retiree, you also need space for the activities you plan on doing.
Starting a business in your new home shouldn’t be something out of reach, especially if you choose one that accommodates you and your hobby. Today, most retirees who start a home business form an LLC – or a limited liability company – a business structure owned by its members. LLCs also benefit from pass-through taxation – similar to what a sole proprietorship or a partnership does – as well as personal liability protection, simple formation and maintenance, and management and ownership flexibility.
Create the Life You Want in Retirement
When buying a bigger house as a retiree to pursue your hobbies and welcome family, it is crucial to think about the big-picture issues like location and space and small details like your lifestyle. Considering all these aspects will help you come up with the best plan possible for your housing.
When it’s time to launch your home search, turn to the experts at Guthrie Group Homes, Real Estate to find the perfect property that fits your retirement needs. Reach out today to get started! 925-628-2436