When you retire, you will have significantly more time on your hands. The big question is, how do you want to spend it? You can prepare to make the most of your newfound leisure time by moving to a larger property. With a bigger home, you can easily host children, grandkids, and friends at any time.
If you’re a fan of the great outdoors, consider getting a more remote piece of real estate so you can pursue homesteading. Homesteading is all about self-sufficient living. With a bit of land, you can take up hobbies like raising chickens or cutting your own firewood. Spending more time outdoors will also preserve your health as you age, resulting in improved immune function, better sleep, and higher energy levels.
Doris Bersing can help you figure out if the homesteading life is a good option for you. If you conclude that this is the route you want to take in retirement, you have to secure an appropriate piece of property. This guide explains how to find and buy a larger home as you prepare for retirement.
Define your ideal property.
Make a list of what you’re looking for in a house. If you’re going to be homesteading, you need to consider characteristics like land size, for example. When it comes to the actual house, consider how many rooms you’ll need to accommodate visiting family and what purposes those rooms should serve. For example, young grandkids might want a playroom. When buying a house you also have to think about your own needs, of course. Consider what you might need now and in the future. Seniors with limited mobility do better with single-story homes that don’t require them to use stairs, for example. Meanwhile, individuals with Alzheimer’s require safety precautions in the bathroom, such as grab bars.
Figure out your financial capacity.
Next, take stock of your financial situation. Keep in mind that to buy a home, you will likely have to take out a mortgage. In order to get a low-interest rate, most lenders require you to make a down payment of 20%. If you pay this minimum upfront, you also have the advantage of foregoing the cost of private mortgage insurance. If you have unpaid debts, getting a good mortgage interest rate may be challenging. Improve your odds of securing a favorable loan by quickly eliminating and paying down what you owe. Consult local debt relief and assistance resources. A debt relief expert can offer advice based on characteristics like how much you owe and your employment status.
Close the deal.
If you do find the perfect property, you will likely have to move quickly to secure it. The real estate market is competitive and you don’t want to let a great opportunity slip through your fingers. In this case, it’s possible that you may have to buy your new property before you can sell your old one.
There are a few precautions you should take. Note that you can request an extended closing. This will buy you some extra time to unload your old home. If you’re struggling to sell your old house, enlist the help of a realtor. They can ensure a more streamlined process. Finally, you can consider renting out your old home until it sells.
Enlist assistance for the move.
When the time comes to make your move, don’t go it alone. Moving is strenuous at any age and even more so for seniors. Hire professionals to handle the heavy lifting and avoid injury. You can also get a senior moving consultant to help. They will manage the entire process, taking you from A to B — old home to new home — in a streamlined and stress-free manner.
With the above tips, you can find the perfect property to spend your retirement. With effort and persistence, you’ll soon be settled in a new home where you can make the most of your golden years.