Buying a Larger Home for Homesteading in Retirement: Questions and Tips

Amber McCulloch
Amber McCulloch
Published on January 12, 2021

Buying a Larger Home for Homesteading in Retirement: Questions and Tips

Plenty of seniors downsize in retirement, but your plans may be too big for a smaller home. Instead of moving to a smaller place, you may want to buy a larger home where you can spend more time with the grandkids and maybe even take up homesteading.

If this sounds like your idea of perfection, the team at Family First Realty can help you find your perfect new home. But first, you should ask yourself a few questions, like:

What are your plans for retirement?

If you want to find a home that fits, you need to answer this question carefully. While many seniors find that a smaller home provides more financial freedom for retirement, a larger home may provide you with the freedoms you desire in your own golden years.

For example, if you have quite a few grandkids who will be visiting and spending the night throughout the year, you may want to set up dedicated bedrooms and playrooms for them. You can’t necessarily do that in a smaller home, so look for a new house that has plenty of room — and maybe even some bonus areas that you can convert into additional living space later.

With homesteading, you’re going to also need plenty of land to make your retirement dreams come true. Many homesteaders start with a garden and then build their way up to selling produce at local markets and shops. If you do want a homestead to generate income, think about using online forms to set up an LLC for protection and to make a real business out of it.

What are local and current real estate trends?

Now that you have a better idea of what you want to do in your retirement, you can start looking around for suitable homes. If you’re searching in and around Virginia Beach, Family First Realty will have the latest listings and marketing information to help you find a larger home without a large amount of hassle.

They’ll even help you with often missed homebuyer details. For example, you may be looking for a larger home with more living space, but are you also looking for plenty of storage space? Trust us, you’re going to need more accommodating pantries, closets, and storage areas if you plan on having the grandkids over often (for instance).

When it comes to finding your perfect home, viewing properties is also essential. Family First Realty can help you set up viewings and guide you through this process, as well as all of the other steps you need to complete before moving into the home of your dreams

What will your financial plan for retirement look like?

One look at Family First Realty’s buyer’s guide and you’ll see that finances come first. No matter your stage in life, you need to take a close look at your finances and savings. That way, you’ll know whether you have the funds needed to purchase and maintain a larger home.

If you’re preparing to transition from a career to retirement, you may even want to enlist the help of a financial professional. Retirement is one of the many life transitions when professional advice and guidance can come in handy. Your planner can walk you through a financial plan that will ensure you can afford your dream home and any hobbies you wish to pursue.

Before you finalize your retirement plans, you should also look into the true costs of establishing a homesteading business. If you’re thinking of starting with a hobby farm, as mentioned above, you’ll need to think about LLC costs, but you’ll also want to factor in the expenses that come with preparing land, growing crops, and buying essential farming equipment.

When you have big plans for your golden years, a smaller home just won’t cut it — you need one that fits those dreams and will provide plenty of space for homesteading hobbies and making memories with your family. When you’re ready to make the move to your dream home in the Virginia Beach area, schedule a call with Family First Realty today. #familyfirst

Photo Credit: Pexels

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