RETIRE BIG for a SIMPLE LIFE - Guest Post
Hello Friends!
We at Haymount Homes know the value of loving your home - especially through all the seasons of life - your first home and your first child through empty nesting and retirement. The love of home and family can often make it difficult to leave your home in the popular trend of downsizing for retirement. Whether it be that you want to stay in your beloved family home, or if you want to even enlarge your home to welcome the expanding network of family growth through marriage and grandchildren, not all retirement plans include downsizing.
My parents have stayed on our family farm as our family has expanded to include seven children, their spouses and a wealth of 24 grandchildren. They value their farm life and the ability to stay in our family home. Bob at Seniorsmeet.org, contacted us about helping our readers understand the difference in retiring big versus the traditional downsizing discussion. He offered to help outline some of the considerations if you choose to go this route.
Thank you to Bob and happy reading!
Casey and Crew
Retire Big For A Simple Life
If your retirement goals are to bring your family together, purchasing a bigger home and a piece of land may be a smart choice. It will allow you to pursue passions, such as gardening or woodworking, that you may not be able to in a small home. This is especially true if you currently live in the city. Keep reading for a few tips on how to make your move and enjoy your retirement to the fullest.
Prepare
Your first goal is to get your current home ready for the market. Haymount Homes can help you stage each room so that it’s more compelling to potential buyers. This will give you an edge when it’s time to put a for sale sign in the yard. You’ll also want to take a look at your income and other assets so that you can determine a budget for your next endeavor. Your net profits from the home sale will play a significant role in this, so the more you can do to increase its value now, the better.
Budget
Once you have an idea of what you can afford, you’ll need to dive deeper into your personal finances to make sure that you can afford the upkeep. Keep in mind that a homestead-type property will likely cost more to maintain and operate than a small home in the suburbs. A few expenses you may not have considered in your original budget include:
Farming equipment. If you plan to farm, a small tractor can cost up to $11,000, brand new.
Home repairs. A bigger home means more things to maintain and fix. Repairing a broken window can cost upwards of $375, a hot water heater $1,100, and a new exterior door $200 or more, for instance.
Land maintenance. Maintaining your property requires mowing, mending fences, and fixing other issues, such as loose bricks in the walkway. Depending on how much land you have, you may also wind up spending $375 or more per acre to have someone come in and cut hay.
Finding A Home
When you are ready to begin your home search, look for an experienced realtor from the local area. They will be able to give you greater insight into different locations you may be considering. One thing they can help with is determining where to get the biggest bang for your retirement buck.
As you get closer to making an offer on a home, partner with a home inspector. This can cost you $500 or more, but it can save you thousands of dollars worth of home repairs down the line. Inspect-All Services explains that having a professional on-site to inspect the property will help ensure that your potential future home is safe and livable. If you’ve made an offer already, having a home inspection will give you one last opportunity to reconsider if you find damage or problems that you had not anticipated.
Safety
When you move, it’s easy to get excited. In all the hustle and bustle, one thing you don’t want to do is forget about safety. This starts when you’re packing your current home. Start by removing excess clutter, and as you pack, make sure boxes weigh no more than one person can handle alone.
Moving into your new home, make a mental note of the differences that you’ll have to get used to. You might, for example, have to learn about gardening or wildlife safety. The more you know now, the better off you’ll be when it’s time to get your hands dirty and create an estate for your entire family to enjoy for many generations to come.
If it’s time to retire, go big and go home. Now that you no longer have the 9-to-5 grind, you can spend your hours with the people you love the most, doing what you love. Moving into a bigger home with a yard for the grandkids is a great way to enjoy your best years. But make sure to budget and keep yourself safe in the process.
Haymount Homes believes that every home deserves TLC. If you need help in staging and designing a home, contact Haymount Homes for a design consultation.