As you prepare for retirement, you might consider moving to a new home. You’ll no longer have the constraints of a job to keep you in your current location and might want to rethink your lifestyle once you leave the nine-to-five grind. Homesteading is one increasingly popular option among retirees. As For Me and My Homestead reveals that homesteading can help cut costs and maintain a strict retirement budget.
If you’re going to go this route, you will need a large property. This guide explains what to look for when buying a land and house you can use for homesteading.
Decide where you want to be located
The first step in buying any property is figuring out where you want to be geographically. Maybe you want to move closer to family, for example—or perhaps climate is a major consideration. If so, a southern state may be appealing. Southwest Florida boasts warm weather and features some of the best places to retire to in Florida, according to U.S News. The SWFL Relocation Team can help you find a fitting property in the area.
Decide what you want to use the property for
A homestead can serve many purposes. It might be used to grow a garden, raise animals, harvest lumber, or even nurture an apiary. Decide what activities you’ll use your homestead for to narrow down your search for a fitting plot of land. For example, if you want to use the land for growing vegetables, you want flat, open land instead of hills. Alternatively, if you’re looking to harvest your own firewood, you need trees.
Figure out how much space you need, inside and outside
The purpose of your homestead will also help determine how large of a space you want. According to Homestead Crowd, most homesteaders require anywhere from two to ten acres to meet their needs. You also want to consider the size of the house on the land. How many bedrooms and bathrooms do you need? If you want to host family visits frequently, extra bedrooms are useful.
Get your finances in order
Buying a homestead is a serious financial investment. According to Gro Cycle, you will likely need to spend some $250,000 to get started. If you own your current home, you can use the money from that sale to fund your new purchase. Otherwise, you will probably need to take out a mortgage. The Balance recommends getting preapproved for a loan before you start seriously searching for a property, as this makes you look like a more serious buyer to sellers.
Make your offer and finalize the practicalities
Once you’ve got the money you need and have found your ideal property, you can make an offer. Rocket Mortgage recommends working with a licensed real estate agent to get the best price possible. A professional realtor will know the market and be an experienced negotiator, ensuring they can secure you a good deal. They can also help with technicalities like organizing a home inspection.
Enlist the help of professionals to get the property move-in ready
Even a “perfect” property may require finetuning before it’s move-in ready. For example, an extra room can be converted into a workshop, playroom, or entertainment space. When hiring home renovations professionals, do your research and get estimates. Take window repairs, for example, The average cost of repairing a window is $290. Evaluate local window repairers based on reviews, price, and credentials. The company should be licensed and insured.
Moving to a homestead can be an exciting new adventure in your retirement years. Follow the tips above to find a fitting property to suit your needs.
Want more real estate content? Check out the SWFL Relocation Team blog.