You are only a few years away from retiring, and you are thinking about moving into a larger home to support—or start—your homesteading hobby. You also like the idea of having plenty of space for visiting adult children and grandchildren. Besides reviewing your real estate property options with help from the realty pros at Castle Brokerage, it’s helpful to read up on home buying and moving tips for older adults.
Determine How Much Home You Can Afford
No matter your age or your reason for wanting a bigger home, it is vital to go over your finances to determine how much of a San Francisco home you can afford. As an older buyer, you may have access to options that younger buyers do not. For instance, MoneyGeek notes you could use funds from a 401(k), pension or IRA to help you purchase a home.
Similarly, Supplemental Security Incomecould help cover living expenses once you move into your new space. While budgeting for your new home purchase, remember to account for assisted living or long-term care that you might need in the future.
Prioritize Home Buying Specifics
Homebuyers have several boxes to check in their quest for an ideal space. You may find you do not feel so overwhelmed if you prioritize specifics rather than generalities. Take into account how much square footage you and your family need to feel comfortable.
When thinking about space, consider the difficulty of keeping everything clean and organized; this may require help, which could cost additional money. If you decide to budget for things like housekeeping services, Maid Clan recommends leaving a bit of wiggle room and getting quotes from prospective cleaners.
What features and special spaces, such as a workshop or playroom, do you envision for your property? If you enjoy hobbies such as subsistence farming, gardening, entertaining, bookbinding or painting, you could dedicate spaces indoors or outdoors specifically for those passions.
Hire the Right Help
Because you do not want to overexert yourself during your move, create a thorough moving plan that includes enlisting professional help. You can likely manage some packing and light moving, but it is a great idea to hire professional movers to handle heavier items. To save money, see if your family and friends could help you pack, load and unload items. Working with a senior relocation specialist or realtor familiar with working with older adults can pave the way to a smooth transition.
Eliminate Debt
Perhaps one of the biggest obstacles standing between you and fulfilling your homesteading hobby is debt. If so, consider briefly delaying your move and focusing on eliminating debt as quickly as possible.
Selling items, furniture and other belongings that you no longer use or want not only brings in extra money for wiping out debt, but it also lessens the amount you have to move. Your state may have debt assistance and relief for older adults, and a debt relief specialist could point you in the right direction to experience financial peace of mind.
Downsize
You can go beyond selling items that you no longer want or use. There may be belongings you want to donate, and you can give your loved ones family heirlooms and assets you want to pass on before you move. For pieces that you are not sure what to do with just yet, think about putting them in storage until you have time to decide. The right space can maximize your retirement years and your overall life enjoyment. Keep the above ideas and insights in mind as you plan for future happy memories for yourself and your family. And be sure to connect with Castle Brokerage for professional assistance in making your retirement dreams come true!