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By Bob Shannon
Downsizing gets a lot of attention and for very good reason. Paring down your belongings and responsibilities later in life can be a boon for older adults looking to save money, travel, or have fewer obligations. However, other housing trends are also on the rise amongst seniors, such as aging in place, urbanization, and rightsizing.
By following the rightsizing trend, for instance, you’ll focus on finding a home that meets your specific wants and needs in retirement, giving you the opportunity to pursue new hobbies and passions in your golden years. And for many seniors, a homesteading hobby can be a great way to stay active, bring in some extra cash, and become more self-sufficient in retirement.
Check out these tips (presented by The ViP Home Team) to learn how to find the right home for your post-retirement hobbies and passions — including homesteading, gardening, entertaining, and anything else you’d like to pursue in your golden years.
If you’re looking to upsize (or rightsize) in retirement, there are a few things you’ll need to consider before beginning your search for a new home. These include:
● Location. Are there local groups, community centers, and ministries you’d like to stay in contact with as you age? Now that urban homesteading is becoming more popular, you don’t necessarily need to move to a rural area with lots of outdoor space to pursue a homesteading hobby.
● Goals. What kinds of hobbies and activities would you like to pursue in retirement? Do you need adequate outdoor space for raising chickens and planting a vegetable garden? Are you going to make your own soaps, herbal remedies, and clothing? To find the right home for your golden years, you’ll need to identify your goals and the different activities you’d like to pursue.
● Size. Do you have kids, grandkids, friends, and other loved ones you’d like to entertain in your new home? How many bedrooms and bathrooms will you and your guests need? Will you need outdoor space for building a pole barn, shed, porch, or guest house?
● Business. Do you plan to monetize your homesteading hobby? If so, you’ll need to keep things in mind like zoning and whether to form an entity. This ZenBusiness article offers some pretty helpful advice on what it takes to establish an LLC.
● Budget. Of course, the right home for your senior years will depend largely on your budget. We’ll talk more about setting a home buying budget in the next section.
Depending on your desired location, homesteading goals, and the size of the home you’re looking to buy, the cost of upsizing could easily exceed what you’re able to afford in retirement. As such, it’s important to set your home buying budget early on and compare several mortgage options if you’ll be financing the purchase of your new homestead. You’ll also want to work closely with an experienced mortgage lender and real estate agent, specifically one with a Seniors Real Estate Specialist (SRES) designation.
When setting your home buying budget, it’s also important to factor in the cost of repairs and improvements that your new home may need. Common home repairs include water damage, mold removal, electrical issues, and roof replacements.
To reduce your risk of injury on moving day, you’ll also want to budget for professional moving expenses. HuffPost offers some tips on finding the best moving company for you.
Downsizing can be a great solution for some retirees, but it isn’t ideal if you’re looking to entertain loved ones, pursue a homesteading hobby, and stay active in your golden years. By following the rightsizing trend in retirement, you can find a home that has everything you want and need for better health and happiness in your golden years.
If you’re searching for a new home in Central Florida, look no further than The ViP Home Team. Get in touch with us by calling 407-744-1681.