A homesteading lifestyle has so many appealing qualities, and for many people preparing to retire, it’s a lifelong dream. Some retirees would love to pursue this idea but simply don’t have enough space in their home or yard to facilitate this interest. Why not break with convention and size up in retirement with a larger home and more land to start a homestead?
If you like the idea of a retirement homestead but are unsure how to begin the process, real estate expert Jana Schmidt invites you to consider these tips for how to buy a larger home to transition into your retirement dreams.
Considering Wants and Needs
Throughout our adult lives, we train ourselves to differentiate our wants and needs and prioritize accordingly. Retirement is a perfect opportunity to give equal consideration to what you want and need in your new home.
When you think about buying a new home to pursue homesteading dreams, envision yourself living there. Consider purchasing a place with plenty of square footage to meet your wants and needs. Perhaps you’re interested in having space for family to visit anytime they want to, with sufficient bedrooms to accommodate kids and grand-kids.
Space devoted to hobbies may be important, or a workshop with room for equipment. For some retirees, a playroom is needed, or a place to entertain guests and host dinner parties. People who are considering starting a homesteading or subsistence farming business may find that extra acreage and a home office are practical.
Tips for Finding an Affordable Home
Pursuing a larger home doesn’t need to break the bank. Many affordable homes are available that meet size requirements and have plenty of land for homesteading. When you work with Jana Schmidt, she’ll point you toward upcoming properties and she’ll offer insider knowledge.
It may help to explore foreclosure properties or bank-owned homes. These properties sell for a fraction of the cost, as banks simply want to liquidate the asset and move on. Many bank-owned properties are auctioned off and sell for far less than their actual worth, making it even more practical to buy a larger home with more land.
Don’t Be Afraid to Upscale
The preconceived idea that retirees need to buy a tiny house is a stereotype that may not fit your wants and needs. Gardening requires land, space for composting, and enough area to plant and harvest crops.
According to Country Living Experience, 200 square feet of planted space can yield enough produce for one person. You will need to expand that number to meet the needs of your family and customer base (if you opt for creating a homesteading business). If you are interested in having a few farm animals, you will also need space for a fenced-in area, feeding station, and a barn or coop.
When starting your homestead, don’t forget to track your income and expenses. It may also be beneficial to consider your homestead an official business and claim it as such.
Claiming Your Homesteading Business
Starting a homesteading business may be worthwhile for bringing in additional income while you reap the benefits of a healthy and rewarding lifestyle. There are benefits to starting a business in your home, particularly if you file your company as a Limited Liability Company (LLC).
Businesses who file as LLCs are offered personal protection from liability related to their business. This added protection, in addition to tax advantages, make it valuable to pursue LLC status. Another selling point for creating an LLC is the reduced paperwork and flexibility it offers. You can file an LLC on your own, hire an attorney to do it for you, or save money on hefty lawyer fees and a lot of legwork by using a formation service.
A retirement homesteading business is not only possible, it is well within your reach. As you explore properties and think about your home, let yourself dream big and develop a plan to make it happen.
When you’re ready to begin your home search, connect with Renton real estate expert Jana Schmidt. Call today to connect with Jana! 425-310-2340
Compliments of Guest Blogger: Bob Shannon