According to the USDA, many retirees are selling their homes and relocating to counties designated as retirement/recreation communities, areas “closer to large cities and have larger populations than counties with persistent population loss.” In addition, these are often enticing to retirees because they have scenic regions, fewer people, and lower housing prices but are close enough to services that seniors need.
With homes selling so well, this may be the perfect time to sell your house and buy a bigger home in a less expensive market. You can have extra room for family visits and some extra space for a homesteading hobby to bring in extra income.
Time to Move
Perhaps you have been retired for a few years or you are close to retirement. Be sure to check out how much equity you have in your current home (equity is the value your home has built up over the years minus any amount you still owe on the house, including any debts secured by your property).
While there are many different ways to calculate equity, many experts recommend going beyond simple online home calculators to determine home value and getting a comparative market analysis, or CMA, from a professional realtor, or go one step further and get a professional appraisal to determine your home’s true market value of your home.
How to Find a Home You Can Afford
Consider moving to an area that is still rural but allows you to buy a bigger home. Counties such as Montour County, Pennsylvania, or Rabun County, Georgia, are areas where you can have the small town feeling and feel welcome. You might want to live near a bigger city or in the city, and several areas offer more amenities.
Hopefully, you can buy your new home outright from the sale of your current home with money left over, but you can still apply for loans. Freddie Mac recently changed rules, allowing retirement assets to be used to qualify for a mortgage when not being used for current income.
Search and find a real estate agent to help you through the process. You could ask family and friends for real estate agents they trust, recommendations for professionals in real estate like a mortgage broker or home inspector, or free real estate matching services.
Get Your New House Ready With Help From Professionals
To make your move into your new house as easy as possible, consider hiring professionals to make your house move-in ready. According to Homebuyer.com, “move-in ready homes are structurally sound and meet all local code requirements to be deemed liveable, including operable plumbing, electricity, and locking doors and windows.”
Hiring professionals to make sure to correct any plumbing troubles, roofing issues, and other problem areas. Consult review websites to find professional contractors that have great reviews. Then, call up the top four or five to compare quotes. For example, having a green and manicured lawn on move-in can improve the value of your new home. Review sites can help you explore lawn fertilization companies near me and find local deals to make sure you get the best deal for the money.
Consider making your home ready for you or anyone else who has limited mobility by checking out the products from Fanwer that can assist seniors in living full lives.
Create a Homestead Business that Brings in Extra Income
Are you moving to a place where you can build a small garden or farm or have some goats or chickens to have fresh food or other goods?
After you have taken care of yourself and your family, consider how a small homestead business can bring in some extra income. You can also create a memorable logo to brand your new products or farm. You can make a custom logo that shows off your creativity. Choose a style and icon, add text as needed, view different logos, and adjust colors and fonts.
Use the ideas above to help in your transition to upscale your home for less and accommodate your new life as a retiree.