How to Right-Size and Find a Homesteading Property for Retirement
It seems like everyone is growing a garden and keeping chickens these days. These homesteading hobbies are gaining in popularity but you may have even bigger dreams for your retirement. This means you are going to need a bigger home!
That’s quite the change from the downsizing plans of most seniors. But you can use this guide from Lynette O’Brien to find a perfectly-sized home and get started with your golden year goals.
Homestead or Hobby Farm?
Before you start browsing listings, you need to figure out your purpose for homesteading. If you just want to grow and prepare your own food for fun, then you’re going to be running a hobby farm in retirement. Looking to generate some full-time retirement income? Then you should look for a property that will help you grow even more crops and/or livestock.
To protect your investment, you may also want to look into setting up an LLC. Especially if you plan on selling goods. An LLC can provide liability protections and tax advantages, and you can fill out the necessary forms online. That will save you the time and expense of hiring an attorney.
You Can Homestead on One Acre
All right. Now that you know the why, you can start thinking about the sort of features you will need in your new home and property. Then you can make a list that you can take to your realtor and you all can start looking for your perfect retirement home!
Still need some help? Think about the homesteading hobbies that interest you the most. Many can be set up in only a few days but some of the most popular projects include building a coop for chickens, putting together a greenhouse and setting up a smokehouse for curing meats.
One look at that list and you may start thinking that you need hundreds of acres for a homestead. This doesn’t have to be the case! If you’re savvy with your planning, you can set up a functional homestead on as little as one acre! Then you can focus on finding a bigger home.
But a Bigger Home=More Possibilities
If you just want to be self-sufficient with a few chickens and a garden, an acre lot will do. But what if you plan on hosting your entire family for holidays? Or having your grandkids spend summers on the farm with you? These sound like such wonderful retirement memories!
To ensure you have room for your plans, you’ll, of course, want to look for a home that has plenty of extra rooms. Bedrooms and bonus rooms are always good since these spaces can easily be transformed into sleeping quarters or playrooms for the grandkids and other guests.
Homes that include mother-in-law suites may be even better. Most folks build these additions to care for aging parents, but you can use the separate living quarters to host out-of-town guests in comfort. You could even rent the suite out on sites like Airbnb, for some additional income.
You May Have Better Luck Outside of Cities
When you picture your retirement homestead, you’re hopefully picturing life in the country. That can be good news for your budget! Homes in rural locations tend to come with lower price tags than similarly-sized ones in urban areas. The cost of living can also be drastically lower.
All of these savings can help boost your retirement savings but you also need to think about what you would be giving up. Like easy access to transportation and airports. So carefully consider the pros and cons that come with country living. Then decide whether you prefer to homestead in wide-open spaces or homestead in the city on a much smaller scale.
A smaller home in retirement isn’t for everyone! You should find a home that perfectly fits your retirement goals and dreams. If those dreams include homesteading and hosting family, make sure you have the land and square footage necessary. Good luck with your search!
Lynette O’Brien is a licensed Realtor with Keller Williams Sunset Corridor, and has been serving Wasco, Sherman, and Hood River counties in Oregon since 2011.
Article written by Bob Shannon from SeniorsMeet.org
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