How to Retire with an Upsized Home and Downsized Expenses

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Whether you’re on the brink of retirement or still decades away from it, you’ve probably fantasized about spending your days pursuing personal hobbies like homesteading, seeing family, and relaxing. You may even be eyeing the prospect of starting your own business, such as an LLC, partnership, or corporation. One part of planning for the day those fantasies become reality is making sure you have the perfect home to live in.

If you’re one of the growing number of people who want to move into a larger house upon retiring, Sol Mar REI shares a few tips to help you plan accordingly and find a home you can afford.

Plan in Advance

Next Avenue notes that the first tip for upsizing is not too different from what you already do to make retirement possible: create a plan and stick to it. If you want to upsize your living space when you’ve finished working, factor that into your retirement savings plan as early as possible. You may need to accelerate your financial strategy by putting more of your paycheck into your 401(k) or IRA or by cutting back on your personal spending.

Know What You Need

Prioritizing your needs helps you get exactly what you want for the right price. Of course, your needs will probably look different when you’re no longer tethered to a full-time job. While your career may require you to live near an office or other work-related conveniences, retirement gives you the option to have a more spacious and laid-back home.

Depending on how you want to spend time as a retiree, you may prioritize different amenities:

  • Guest quarters: For many retirees, being able to host family is a key part of retired life. If that’s the case for you, your money may be well spent on a house with many bedrooms and proximity to an airport. In addition, one study from the Pew Research Center recently showed that a majority of young adults are living with their parents — if your empty nest is going to fill back up, it’s worth finding a home that will fit your family comfortably.
  • Versatile design: There are countless skills and hobbies you can develop when you’re retired, and chances are you’ll want to try a variety. A house with easily convertible recreational space can nurture your creativity without breaking the bank.
  • Outdoor space: Homesteading is a great way to remain productive past retirement and even bring in a little extra spending money. If you want to devote time to gardening and growing your own food, you may focus on finding a property with a huge yard and space for a gardening shed or greenhouse.

Once you identify what’s important for you, you can prioritize around those points and avoid wasting money on things that don’t matter. You may want a home that allows you to prioritize everything, which is understandable — just make sure your assets match your ambition.

Maximize Your Nest Egg

Before you sell your house and start the search for a great deal on a bigger one, it’s important to ask yourself what value your house holds. This step matters because it will help you determine a realistic asking price and make use of your home’s equity, which you can put towards the purchase of your new home. With competitive rates, a variety of loan types and great customer service, you can enjoy a better loan experience.

Solid planning, clear priorities, and a robust budget go a long way towards bringing about your upsizing goals. Retirement is the beginning of a new life, and when it comes around, you’ll want a home that allows you to live your golden years to the fullest.

Sol Mar REI is one of America’s top real estate investing groups because we focus on doing things right, specializing in buying distressed properties and beautifying communities. Reach out today for more info! 1-866-947-2265

Article Credit: Curtis Fisher

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