By / San Diego Moving
Retiring and Upsizing: Tips for Acquiring a Larger Property, Post-Retirement
With the prospect of retirement comes the option to change both lifestyle and living arrangements, and this does not always mean downsizing. Many retirees are acquiring larger homes that will allow them to host extended family as well as pursue new interests. Whether you are interested in adding a woodworking shop, hoping to start a hobby farm, or simply want to have plenty of space for children and grandchildren to visit, smart shopping and good financial management can help you achieve your dream of buying a large house for retirement.
Know what to look for in a purchase.
It’s important to start your house-hunt with a clear understanding of the specific characteristics you will need, depending on how you hope to use your new home. If you are planning on starting a small hobby farm, consider questions about water sources, drainage, and soil quality. Ask your local Cooperative Extension Office to test a soil sample for you, especially if you are buying in an area that has seen previous development. For those who are thinking of keeping poultry or livestock, research the amount of land required for different species and breeds, as well as additional needs such as fences, coops, barns, and outbuildings. Also, research any health or safety risks connected with raising animals and see what is legal in the area.
If you are thinking of setting up a woodworking shop, research the amount of space you will need, and look for a residence with good up-to-date wiring to support the use of power tools. For those who intend to start a small business, investigate zoning restrictions and licensing requirements. So, for instance, if you want to start a small catering company out of your home, look for a property with a kitchen that can be updated to meet any health department codes.
How many people do you anticipate hosting at any given time? You will want to make sure you have sufficient square footage to host prospective family members and guests, as well as plenty of bathroom facilities—with functional plumbing—to keep visits running smoothly. Be aware of child safety considerations if you anticipate having younger grandchildren or guests with toddlers visiting.
Strategize to keep it affordable.
Larger homes, especially with land attached, can carry a hefty price tag. Some regions are more expensive to live in than others, so read up on where home buying and land investment are less expensive. Some areas are more affordable because they offer fewer amenities. For retirees, this should be less of a concern—but do consider access to grocery stores, gas stations, repair shops, and medical care. Additionally, if you are hoping to run a business using your new home, make sure you will be able to find customers in the locale you are considering.
Investigate tips for finding properties at affordable prices. If you are comfortable with the prospect of putting a little extra love into a home, buying a cheap fixer-upper might be your best option. Foreclosed properties are also often available at extremely low cost.
Those entering retirement still carrying debt may want to create a debt management plan prior to purchasing to help raise their buying power and not be hampered with too many monthly payments. If possible, budget to pay off all existing debt before house hunting. If this is not practicable, however, other options remain available, such as debt consolidation. Consult a debt relief specialist to figure out which plan will work best for you, depending on the amount you owe, your employment status, and your capacity to pay.
Remember, when it comes time to move, to avoid additional physical strain or the risk of injury. Get a good start on sorting and packing, remember to be careful when lifting, and hire help if you feel the labor will be too much for you. Look for a reputable moving company with good reviews like San Diego Moving, which even offers concierge services to help you through every step of the process. You want to start this new epoch in your life feeling fit and ready for the adventure that awaits.
Do you have a move on the horizon? Let the experts at San Diego Moving help you get from point A to point B without the added stress. Call today for a quote!