While some seniors opt to downsize in retirement, others decide to go big with a new home as a way to rally family and friends in an environment suitable for entertaining. Upsizing to a larger property also opens the door to hobby farming opportunities. You might opt to live a simple sustainable life, or monetize your hobby as a form of post-retirement income. The Shannon Holmes Team at Great Homes Alabama can be your partner when it comes to finding the perfect property to fit your needs.
Before you take the leap, however, it’s important to keep a few things in mind.
Examine Your Finances Before Upsizing
One of the first steps in buying a new home is taking stock of your finances. If you need to sell an existing home before buying a new one, you’ll want to consider the equity you could potentially use as a down payment. A lender will look at your income, your debt-to-income ratio, your credit, and your investments, and help you identify loan products that best suit your needs. A housing budget will help you decide the price range you’re most comfortable with before you start a home search.
Decide On Home Features
If you’re going bigger with a new home purchase, consider in advance the primary uses of the property. For example, if you want space to entertain, a big deck or pool might be in order. According to the House Designers, if you want to host multiple overnight guests, square footage and multiple beds and baths will be a priority. If hosting grandkids is in your plans, a playroom or home theater could fit the bill. Once you know what you want, you can start touring available properties.
Consider Land Features Before Upsizing
According to Wild Abundance, if you’re planning to have a hobby farm, you’ll need acreage, and the amount of land you’ll need depends on your plans. For example, if you want to raise goats or cows, you’ll need significantly more room than if you’re raising chickens or planting gardens or a small orchard. It’s also important to know the zoning of the areas you’re considering. Just because an area is rural doesn’t mean you can do anything you want with it, so find out restrictions and requirements in advance.
Buildings And Work Space You Might Need If Upsizing
If you’re planning to monetize a hobby like old car restoration or woodworking, you’ll need space to operate. This might mean a property with an existing workshop, large garage, or room to build. You could also potentially look at space with barns or outbuildings that can be used for various homesteading purposes. You may need to budget for upgrades to get a favored property in ideal shape. If you’re considering a fixer-upper, make arrangements for a general contractor to conduct a pre-purchase inspection and give you an estimate on what it would take to make a property fit all of your needs.
Make Repairs Before Move-In
It’s always easier to make repairs to a house before you move in, like painting, replacing flooring, or taking care of electrical or plumbing issues. Older homes sometimes have windows that aren’t very well insulated and let in cold air and excess heat. To make your home more energy-efficient, look into window repair or replacement. Before you connect with any repair companies, read online reviews, ask for referrals, and look for service providers that are licensed and insured. And always get quotes in writing.
Upsizing in retirement has a lot of benefits, especially when you have second-act plans you want to pursue. Get your finances in order, think about what you want to do with your property, and work with a qualified real estate specialist from the Shannon Holmes Team to help you find the perfect place!
Photo by Pexels
About the Author: Bob Shannon created SeniorsMeet.org, along with his wife, Mary, to have a website that allows seniors to meet up and talk about topics that are relevant to their daily lives. They hope to build SeniorsMeet into a community of like-minded seniors.