Upsizing in Retirement: How to Do It the Right Way

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 A lot of seniors are realizing the benefits of upsizing. Sure, downsizing can offer a simpler life in terms of home maintenance. But moving to a bigger home comes with some serious advantages and can add fulfillment to your life in a number of ways.

For example, it gives you more room to host adult children, grandchildren, and friends. A larger property can also facilitate homesteading hobbies like raising goats or chickens, beekeeping, subsistence farming, or cutting firewood. Nonetheless, buying a home is a major investment, so it’s essential to come to it with the right approach. From evaluating your finances to choosing the ideal home to working with a qualified real estate agency like C & C Real Estate Services, here are some simple tips to keep in mind:

Handle Your Finances

The first thing you want to do is take a close look at your finances. What you don’t want is for your new home purchase to put you in a bad financial position either now or down the road. If you have outstanding debt, set up a plan for eliminating it as soon as possible. Start saving money for a down payment now; if you can put at least 20% down, you will get a more favorable mortgage and be able to opt out of private mortgage insurance (PMI).

Also, think about your future. If you’re in or are approaching your golden years, consider your potential situation if you or your spouse passes away. Will your debt-to-income ratio increase significantly? Will you be unable to pay the mortgage? Choose a home under your budget to leave room for the unknown. Obviously, the sale of your current home will play a role in your budget, but you might want to purchase your new home before you’re able to sell your current one.

Form a Business

If you plan to adopt any homesteading activities as a lifestyle, consider forming a business structure in case you ever want to make a profit from your efforts. By forming an LLC, you can get all kinds of tax benefits, asset protection, and more. And you can use a formation service that understands your state’s regulations, which will make it easy for you and cost less than using an attorney. Homesteading can add fulfillment to your life and help you become more self-sustained, and making cash on the side is an added bonus!

Determine What Kind of Property You Need

There are several factors to consider when choosing a home. For instance, what kind of homesteading activities are you planning to do? If you want to raise goats or plant a large garden, you will need to ensure you have enough acreage. You’ll also need to get a house that has enough square footage and rooms to comfortably accommodate guests you plan on having over. And a lot of seniors find that single-story houses work best if limited mobility or other health issues arise.

Work With an Agent

Finally, find a real estate agent you can trust. Research your area for agents who have a great reputation. For example, working with C & C Real Estate Services can make a world of difference when it comes to having a stress-free experience — from selling your current home to finding the ideal new home to closing the deal.

Because it can add such fulfillment and joy to your life, upsizing to a larger property can be the ideal move in retirement. Remember to assess your financial situation and make smart decisions with your budget. If you plan to engage in homesteading activities, consider making a business out of it. Lastly, be thorough when searching for the perfect home for your needs, and bring on an experienced real estate agent to assist you along the way. Contact C & C Real Estate Services today. (406) 375-9251