While it may be common practice for seniors to downsize as they approach retirement age, Raymond James notes that many are finding benefits in upgrading to a bigger home. Upsizing can be a good solution for a variety of reasons, such as making room for family gatherings, living in a vibrant community, or making your homesteading hobby a reality. Whatever your reasons, it’s important to know what you’re looking for and how to prepare for the move — these tips shared by Lawrence Papoff can help you find your way.
First, Get Your Retirement Plan in Order
Before purchasing a home in retirement, it’s essential to have a comprehensive retirement plan in place. Creating a budget is a crucial step, as it helps you determine how much money you can realistically allocate to a new home purchase without compromising your retirement lifestyle. Consider cutting costs wherever possible, as even small reductions in expenses can have a significant impact on your retirement savings over time. In addition to trimming expenses, explore opportunities to boost your income, such as part-time work or investing in income-producing assets. By carefully planning your finances and assessing your priorities, you can buy a home in retirement with confidence, knowing that you have a solid financial foundation to support you throughout your golden years.
Understanding Your House Goals
Before deciding to purchase a new home, consider the things you value most in a home. Finjoy suggests setting realistic and smart goals defining the things you hope to find in your ideal house. For example, consider how many bedrooms you want — perhaps you want an extra one or two rooms for guests. Maybe you want a workshop or hobby room. Additionally, think about the size of the house and acreage that would be part of your property, as living in a space that’s tailored to your needs and wants is the most important part of choosing a house.
Preparing to Sell Your Home
Preparing your home to sell can feel overwhelming, but there are simple ways to make your living space more appealing to potential buyers. Start by decluttering and deep cleaning every room, giving the impression of a well-maintained and spacious home. Small renovations or touch-ups, such as fresh coats of paint, can also make a significant difference in increasing the value of your property.
Lastly, consider staging your home by rearranging furniture and adding tasteful decor to create a welcoming atmosphere that highlights its best features. With these steps, you can ensure that your home is ready for the market and draws in interested buyers.
Finding the Right Home
Once you understand what you want in a home, make a plan for finding a house that matches your desires. Especially when upsizing, consider the price range (you can look around online to get a ballpark idea of what the housing market looks like), as it goes without saying that you’ll likely be paying more for your new home. Consulting with a real estate pro can help you determine just how much you can comfortably afford in a new home as well as help with locating good housing matches for your situation.
Moving Into Your Home
When you buy a larger house than you currently own, you’ll have to plan carefully for taking all your possessions to your new home. Hiring workers from a reputable moving company can make the process much smoother, taking much of the worry and stress out of the process. Get in-person, written quotes from several moving companies.
Using Your New Space
If you’re a senior taking up homesteading in your new home, think about turning your hobby farm into a business for extra income. There are many options for selling your goods. Whether you’re selling produce or animal products, there’s a way for you to reach that customer base. Before starting your business, create a business plan that details the services you plan to offer, the business structure you plan to implement, and the finances you can expect to allot to the business.
Deciding on these details ahead of time makes running your business successfully much easier. Understanding everything you need to do to start your business is important, so make use of online resources.
Retiring in Your Dream Home
For many retirees, finding a larger home is important and allows them to have everything they love in one space. Before deciding to upgrade to a larger house, carefully plan everything out. Knowing what you want specifically in your new home can help you find one that lasts for a lifetime.