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While many seniors choose to downsize after retirement, others are eager to find a way to sustain their families by making use of more land. Homesteading is a great way to save money, get involved in a useful, sustainable hobby, and spend more time with your loved ones, but it typically requires some space to spread out. If you’re interested in homesteading, think about the specific activities you’d like to pursue — such as farming, making textiles or decor to sell, or creating room for your family members to live or visit — to get an idea of the sort of property you’ll need to look for. Here are a few things that you should keep in mind when you’re ready to think about a post-retirement move. Be sure to discuss local subdivision, HOA, licensing or zoning restrictions with your attorney at Home Sweet Legal® or The Jacob Law Firm, LLC prior to proceeding.
Get pre-approved
Because homesteading usually requires a bigger property, most people go with a mortgage that will help make the purchase more affordable. There are several different kinds, however, so it’s essential to think about the best one for your specific needs. If you have good credit, a conventional loan might be the best option, but there are also VA loans and FHA loans, which are federally backed and are helpful for those who have lower credit scores. These typically require more money down — up to 10 percent of the total cost — so it’s best to explore all your options to get the best deal. Download a credit monitoring app that will help you stay on top of your score; some even have built-in score boosters that consolidate the bills and loans you’ve paid on time and factor them in. Start your application for a mortgage and get pre-approved so you’ll have peace of mind.
Plan for your family’s needs
When your funding is taken care of, think about what type of property you want. Homesteading requires some careful planning, so consider what your family’s needs are now and what they might be down the road. Farming and keeping animals will necessitate quite a bit of land, of course, but you might also want to build a guest house, detached garage, or workshop. Do some research on the types of permits you’ll need to build; these vary by state, and sometimes county by county and locality by locality, and may come with hefty fines if they aren’t obtained in a timely manner. Keep in mind that some states offer free land for homesteading, which is dependent upon a few factors and an application process.
Often, it takes a little imagination to picture what can be done with a house, so keep an open mind when looking at different properties. You may be able to turn an unused space — such as a sun porch or shed — into a functioning area.
Consider the possibilities
Homesteading comes with a lot to consider, including how you’ll utilize the space. Generally, the act of homesteading includes living off the land or making good use of the property for growing food, creating furniture, clothing, or other useful items, and/or making room for extended family to live or visit. However, you can turn homesteading into a business as well and make a successful living while working from the comfort of your own home. Just remember, as we mentioned above, local licensing or other restrictions on the property should be evaluated by your attorney prior to submitting a purchase contract. Woodworking, growing and making various foods and baked goods, and sewing clothing items are all great ways to get started. You might check out the local farmer’s market to see about getting a booth or consider setting up an e-commerce website. Just be sure you take the necessary steps to legitimize your business. For example, you’ll want your attorney at Home Sweet Legal® or The Jacob Law Firm, LLC to set up your Missouri or Illinois LLC or other business type to make sure it gets done right. Doing so has several benefits, including allowing you to set up a business bank account and helping you protect your personal assets from any business debts you incur.
Expanding your home after retirement is a great way to live independently and take care of your family while leaving a legacy. Think about how to make the most of your property and how to sustain your lifestyle by monetizing it where possible.
Guest Blogger: George Miller – George believes one of the keys to well-being is security. Whether you’re securing your home, preventing fraud, protecting your online presence, or securing your finances, it’s important to take practical but often-overlooked safety measures, which is why he created Securabilities. In his free time, you can probably catch George at an Atlanta Braves game with his family or tinkering with his latest home DIY project.
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