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Homesteading A New Way To Simplify Your Retirement
Dated: December 9 2020
Homesteading: A New Way to Simplify Your Retirement
Does the idea of moving to a cramped condo in a 55+ community fill you with dread? Although experts praise the benefits of downsizing in retirement, slashing square footage isn't the only way to simplify. Some older adults are opting to upsize instead, buying homes with all the space they need to host loved ones, pursue pastimes, and even start homesteads and hobby farms. Rather than downsizing their space, older adults are downsizing their needs and getting back to their roots.
You don't need a lot of money to homestead either (although it always helps!). In fact, homesteading is a great way to supplement retirement income and become more self-sufficient. Does this sound like the right kind of retirement for you? Read on to learn how you can make your homesteading dreams a reality.
What does a homestead need?
● Land: Some people homestead on a half acre while others own 20+. Consider price, upkeep, and intended use when choosing your ideal property size.
● Water: Watering crops and livestock with municipal water is pricey. A well, spring, or pond is an important resource for a homestead.
● A home: Developing raw land is an option, but buying property with a home saves time and simplifies financing.
● Outbuildings: Ready-to-use outbuildings — a shed, garage, or barn — are another great asset to have on the homestead.
● No CC&Rs: Covenants, conditions, and restrictions can seriously impede your ability to homestead. The best properties are free of restrictive CC&Rs and zoning ordinances.
Retirees have additional considerations when choosing a homestead property. Make sure the property you choose has access to healthcare, transportation, and a support system — whetherthat's family, church, or neighbors. And of course, plenty of space for the grandkids!
How to upsize on a budget
Is it possible to upsize your property without upsizing your budget? Yes! However, it requires certain sacrifices.
● Buy a house with character: If you want a house with all the latest fixtures and finishes, expect to pay for it. Buying an older home with good bones gets you more for less.
● Move to a cheaper area: This is the best way to upsize on a budget. Look for affordable communities nearby or set your sights on a new location with a lower cost of living (the median home price in Scottsdale is $595,000).
● Share your space: Duplexes, accessory dwelling units, and multigenerational living are among the ways retirees can use multifamily living to lower housing costs.
Income strategies for retirement homesteaders
The best money-saving strategy for homesteaders? Letting the property pay for itself. These are the top income strategies for homesteaders:
● Keep your first home as a rental property.
● Build an accessory dwelling unit for short- or long-term rentals.
● Host weddings and events.
● Raise chickens, rabbits, or other small livestock.
● Raise bees for honey.
● Make and sell cottage foods.
● Grow mushrooms.
● Start a market garden or U-pick farm.
● Grow cut flowers or specialty herbs.
Moving onward and upward
If there's one place retirees should splurge on, it's on the move. Decluttering the family home is tiring both physically and mentally. Plus, loading a moving truck in your 60s doesn't feel the same as it did 30 years ago. The move itself also calls for a helping hand. You can save money with DIY packing, but expect to pay $2,000 to $5,000 for a long-distance moving service or $800 to $2,000 for local moves. Some retirees dream of a condo on the beach or a cozy suburban home. Others aim for greener pastures. If homesteading is part of your retirement strategy, make sure you're looking at the full picture. From navigating the move to building a self-sufficient homestead, there's a lot to plan for — and a lot to gain — when you take the leap to your retirement homestead.
Are you itching to upsize? Contact Dwellings Realty Group. We would be happy to help!
The Dwellings Team is comprised of the four owners of Dwellings Realty Group, all family members, and all graduates of The Ohio State University. We want you to know that we haven't forgotten the val....
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