Retirement should be about living a comfortable life after spending your prime years working to build up a retirement fund or passive income streams. It makes sense to want to move to a bigger house after retirement. You’ll have more space to host your kids and grandchildren when they visit. A bigger space also lets you practice homesteading skills that you could eventually convert into a business.
Factors To Consider When Buying a House in Retirement
Even with all these advantages, though, buying a home after retirement is quite a major commitment. Here are some of the main considerations:
- Don’t buy on a whim. Do not put a down payment on a house just because you like it the first time you see it. Visit it a few times to give yourself enough time to think about the decision.
- Think about utility. The house should be fit for its purpose. It should have enough square footage for the homestead hobby you intend to use it for. If there will be grandchildren visiting often, there should be enough rooms and perhaps even a playroom for them. If you want to have a garden, there should be enough space to create one, as well as storage for the gardening tools.
- Distance to family. An ideal retirement home should be close enough for a close family member to drive and see you regularly. If you are currently living close to family members in Beverly, MA, do not move too far from them because it will disrupt your social life.
- How does it affect your financial position? You’ll have to consider how buying a bigger house in retirement affects your financial position. Consult a financial advisor to help you fully analyze how the decision will affect your finances. Will your income sustain the mortgage payments? How much will you commit as a down payment for the house? And how will the mortgage payments affect your monthly budget?
- Use a reliable agent.It’s always advisable to find an agent to guide you through the home buying process. They are likely to have knowledge of sale offers, distressed properties, as well as new developments.
Turning Your Homestead Skill Into a Business
Wanting to practice a homestead hobby is one of the major reasons for buying a bigger house in Beverly, MA for retirement. Gradually, you might realize that your hobby can turn into an income-generating business. Before injecting capital into it, though, prepare a business plan.
During the making of the business plan, you’ll interrogate the idea to determine its viability. The plan should describe how you intend to structure your business, either as a sole proprietorship or an LLC. It should also describe your skills, the capital required, whether you will hire staff, the target audience, and the projected revenue. Remember, don’t go it alone if you need assistance starting your business. For instance, you can use this ZenBusiness guide on How to Start a Business to ensure you’re following the correct steps.
Let’s Help You Find a House in Beverly, MA
If you are thinking about finding a home in Beverly, MA, Maura Allard and Company can help you find what you really need. Our team seeks to build a relationship with you as we take you through finding an ideal home to retire in and help hone your homesteading business. Schedule a call with our team today.
Written by Hazel Bridges:
Ms. Bridges is the creator of Aging Wellness, a website that aims to provide health and wellness resources for aging seniors. She’s a breast cancer survivor. She challenges herself to live life to the fullest and inspires others to do so as well.