Updated: Apr 20
Many people decide to downsize when they retire, but others dream a little bigger.
If you have your sights set on a larger property, you may plan on:
Pursuing a homesteading dream.
Building a hobby farm.
Or hosting your kids and grandkids for frequent visits.
But buying acreage after retirement requires careful planning and consideration.
Besides ensuring that you can afford this big purchase, you'll also have to consider the work involved in navigating a significant move.
Here are some essential things to think about as you start hunting for your dream retirement home!
Paying for Your Property
Before you start looking for properties, find out exactly how much home you can afford.
You don’t want to spend time touring sprawling properties and luxury homes just to find out that they’re out of your budget!
The first step in calculating your home affordability is adding up all of your retirement income.
If you’re still working, Modern Retirement recommends hiring a financial advisor to help you estimate what your income will look like post-retirement.
Your income may come from several different sources, including:
And employment benefits.
So don’t leave anything out of your calculations!
If you’re planning on selling your home to fund your new property purchase, find out how much money you can expect to get from your sale.
Several online tools can help you calculate how much your home is worth. If you’re not keen on the idea of fixing up, staging, listing, and marketing your home, consider selling directly to Contenza Properties!