As you enter retirement, you might feel like youâ€™re ready for a major life change, especially if youâ€™ve found yourself with an empty nest. Perhaps youâ€™ve even considered moving to a homestead – rather than downsizing, you can live in a larger home and have plenty of room for your kids and grandkids when they visit. If youâ€™re wondering how to budget for your big purchase, find land with the right features, or decide what to do with your property, these tips will help guide you.
Figure Out Your Budget
Getting into homesteading can be expensive, so working out a realistic budget before you move out of your current home is essential. The cost of land can vary widely depending on where you look! Go over your retirement portfolio with a financial advisor to crunch the numbers.
Once youâ€™ve settled on a budget, you can start shopping for home loans. If you have good credit, conventional home loans offer lower rates, and you can purchase a home with as little as three percent down.
Consider Your Plans for the Property
You might be excited to begin looking at listings, but first, think about what you would like to do with your property. Will you be running a home business? Are you interested in gardening and subsistence farming? Do you plan to host big family events at your homestead? Perhaps you would also like space for a playroom, workshop, or home library. Determining what you really want to do with your homestead will help you figure out which property is right for you. You should also consider how much square footage youâ€™ll need.
Remember that if you intend to start a homesteading business during your retirement, youâ€™ll need to ensure youâ€™ve filed the correct paperwork with the state government. For example, if youâ€™re starting a business in Texas and want certain tax advantages and liability protection, then consider registering as an LLC. Fortunately, you donâ€™t need to be a business wizard to handle this documentation; formation services are available that can process this paperwork for you.
Start House Hunting
Once youâ€™ve thought about your plans for your future homestead, you should reach out to a real estate agent who has helped other clients find similar properties before! Look for agents with specific local knowledge – someone who has been helping people sell and buy in your area for a long time is a good choice. As you look at homesteads for sale, the Rustic Elk recommends ensuring that youâ€™ll have access to a natural water source, that your property is free of pollution, and whether or not your land could be subject to hazards like wildfires or mudslides.
Get Ready for Moving Day
Finally, youâ€™re ready to pack up and move! You may not be downsizing, but this is an opportunity to toss or donate items you no longer need. Try to pack up your belongings in an organized fashion, and hire a dependable moving company like Youngstars Moving & Delivery several weeks before your official move-in date. You should also consider hiring a senior moving manager to organize your move! This can take the burden of planning out every step off your shoulders. If you are going to lift heavy moving boxes on your own, make sure to lift from your legs to avoid straining your back.
Taking on all of the responsibilities that come with homesteading can be tough, but this lifestyle can also be very fulfilling. Youâ€™ll find yourself spending more time outdoors than ever before, and even if you have an empty nest, youâ€™ll have more than enough space to host your children and grandchildren! By following these tips, youâ€™ll be closing on your homestead before you know it.
Ready to move? Youngstars Moving & Delivery can help you with all your moving, packing, and unpacking needs! Call us today at (972) 803-7186 to learn more about our services.
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