5 Top Tips to Help Retirees Purchase Larger Homes
Although some retirees may choose to downsize to smaller homes, others may wish to purchase bigger homes and even run hobby farms. If you’re among those retirees dreaming of setting up a homestead and giving friends and family a welcoming feel when they come to visit, there are a few key tips that could help you make your dream come true. Whether you need to purchase a homestead property in Nashville, Tennessee, or simply boost the curb appeal of an existing home in Charlotte Hall, Maryland, these five tips could help you start your retirement homestead dream.
1. Finance Your Homestead Purchase by Selling Your Old House
If you’re confident you’ll want to stay on the homestead for years to come, why keep your current house? Although purchasing a home large enough to host a homestead may come at a significant cost, you can make the purchase financially viable by selling your old house.
This is especially true if you’ve been living in your old home for some time and it’s appreciated in value, or you have a lot of home equity built up. Make sure to do your research on current market prices in Charlotte Hall to find out how much comparable homes go for and set a reasonable yet competitive price.
2. Find a Property You Can Realistically Afford During Your Retirement
According to one study, the typical American family may struggle to afford a home in 71% of the country. Purchasing too many houses can harm your budget and stymie your homesteading dreams, so make sure you pick a property you can afford. Take into consideration:
- Your current savings and income
- Your projected retirement income
- How much time do you want to put into the homesteading business
3. Learn the Ropes of the Business World to Start Turning Your Hobby Into a Company
If you want to bring in some extra income during retirement to help sustain your new lifestyle, you may want to think about turning your homesteading hobby into a full-fledged business. To do this, you’ll need to learn the basic ropes of the business world.
For instance, having a business plan is essential to boost your odds of success. In a plan of how to start a business with ZenBusiness, you must describe the company and its services or products, your sales approach, the planned business structure, projected funding needed, and other key financial metrics and projections.
4. Search for Homes With Key Features and Prioritize Upgrading Certain Facets of the Home
When shopping for a potential homestead, or before moving in, you may want to prioritize certain features or consider whether you could make key renovations. After all, certain features are conducive to running an effective homestead more than others. For instance, you may wish to prioritize getting:
- Your desired amount of land acreage
- Your desired amount of home square footage
- Add-on features such as barns, workshops, home offices, and playrooms
- A favorable location
5. Expand Your Homesteading Business Into Several Niches to Attract More Guests
Lastly, consider expanding your budding hobbies or business into a few different niches. This may attract guests and may entice friends and family to come visit more often! For instance, consider whether you’d be interested in getting into:
- Entertaining guests as a bed and breakfast
- Subsistence farming
- Running a remote home business
For many retirees, upsizing to a bigger home and running a hobby homestead may sound like a lifelong dream. If you’re hoping to purchase your own retirement homestead and attract friends and family to visit, keep these five tips in mind and contact The Rabbitt Team today.
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Special thanks to Commercial Real Estate expert Pam Pester for her contribution on this week's blog post