Retirement planning can be a challenging process, even if you’ve already set some goals. Figuring out how to meet current needs, budget for the future, ensure your own safety and comfort, and take care of your family are trying tasks in themselves. But achieving that overarching dream, that you have considered for some time, which meets many goals, is always front and center.
Many retirees are discovering the advantages of homesteading to achieve this dream. Finding property that has enough room for self-sufficiency and for your loved ones may take a little time, but doing so will give you peace of mind for the future. You can also get help and guidance from a professional planning service to ensure you are financially prepared and understand the issues and challenges. Take a look around Designedretirements.com for ideas on how to get started.
Here are some things to think about and consider when you’re ready to buy a property and start your homesteading adventure:
Make a List of Needs and Ideas
While buying a bigger home after retirement may sound like a strange concept, it can provide many more options than downsizing. For instance, you can make room for family members to move in or give them a comfortable, relaxing place to stay during visits; you can set up your own home-based business; or you can rent out a portion of the home for extra income. Whatever you choose to do with the home, you’ll need to make sure you have a list of needs and objectives written out ahead of time in order to make the property search easier. The number of bedrooms and bathrooms required, the acreage, and the amount of space that can be transformed into an office, workroom, or playroom for little ones are just a few things to consider. Think about what you’ll be using the property for and whether you need flexibility in case you change your mind down the road. Life changes and you should look ahead to ensure you are considering financials, health, and proximity to medical facilities.
Earn a Living
Because there are so many options for starting a business from home, it may be worth it to try your hand at entrepreneurship. Whether you want to sell products made from the food you grow or animals you raise, rent out part of your property, or turn a portion of your home into a workspace for wood crafts or other creative endeavors, you’ll need to start with a solid business plan that details your structure, products or services, and what kind of funding you’ll need.
It’s also important to create a marketing plan for your business so that customers can find you. Start with a great website and a memorable name, logo, and slogan. These can easily be made without a professional designer by utilizing some online resources. Look for a tool that allows you to design a logo online quickly using your choice of colors, text, and fonts on an easy-to-use template.
Take Repairs Into Account
Your new home will be the perfect place for both living and working, but only if you budget for repairs and renovations first. Making major changes can be stressful, so when searching for the right property, be sure to take certain factors into account. Large issues–such as with plumbing or electrical work–will be costly to fix, while smaller problems can either become DIY projects or be handled by a pro. If the home you like needs work in the kitchen or bathroom, look online for local contractors and read reviews from customers. Check for current deals and discounts during your research to ensure they meet your budget needs.
This will be a major endeavor on your part and intense, detailed planning to ensure it will be successful and meet your dreams is essential. Enlisting the help of a professional may cost some $, but is well worth it to ensure your dream is realized and does not become a money pit. But if planned well, and executed properly, it will be well worth your time and effort as you watch your dream materialize and others enjoy it with you.
Buying a bigger home as a retiree and learning the art of homesteading does take time, so getting started as soon as possible will help alleviate some stress. Once you have a list of needs and goals, you can create a budget and start working with a trusted realtor who can help you find the home of your dreams.
Have a question about retirement planning? Get in touch with the pros at Designedretirements.com today.