A Guide to Upgrading to a Larger Home as a Retiree
What do you plan to do when you retire? For many seniors, the answer includes traveling more, learning a language, volunteering, or even starting a business. Many seniors also seize this opportunity to move into a new home, since they’re no longer bound to a location because of work. If you are thinking of moving, a real estate agent like Jason Buck of Palos Verdes can help you find your dream property.
To really make the most of retirement, consider upgrading to a larger space. A big house will offer plenty of room for kids and grandkids to visit, so you can see your family anytime. Opt for a large property in a rural location and you can even take up homesteading as a senior. This allows you to spend more time outdoors, get exercise doing everyday tasks like gardening, and simply escape the hustle and bustle of city life.
Making the move to a larger space in your later years presents a few unique challenges, though, from getting financing without a full-time job to physically moving all of your possessions. This guide provides tips on how to get it done.
Figure out your budget.
Before you start scouring the real estate market, take the time to figure out what you can afford to pay. To secure a favorable interest rate on a mortgage, experts recommend making a down payment of at least 20% of the total home value. If you own your current property, selling it may be able to get you the nest egg you need for that down payment.
If you have unpaid debts, tackle these now. Unpaid debts will not be viewed favorably by lenders. You can eliminate debt quickly via debt relief assistance agencies in your state. A debt management specialist can come up with tailormade solutions depending on your situation. Various factors impact debt relief solutions, from how much you owe to your employment status.
Find a senior-friendly space.
Once you have the financials sorted out, you can start thinking about what your dream home looks like. Opt for senior-friendly spaces. For example, one-story homes are preferable. If you need a walker or wheelchair later in life, you won’t have to deal with getting up and downstairs. Realtor listings often let you search by type of home — for example, a loft versus a ranch-style structure. You can also tell a realtor your needs and let them search for you.
There are a few other things to look for in a senior-friendly home. For example, having a walk-in shower is preferable to having a tub with a high ledge, which you have to step over. You can also make small renovations to make the space more comfortable later, such as installing hand railings, adding more lights to improve visibility, and building ramps.
Plan ahead to ensure a safe and stress-free move
Moving is stressful at any age. It can be even more challenging when you’re older and dealing with health issues. Minimize anxiety by planning in advance. Before you pack, sort through your belongings and donate or sell possessions you no longer need. The less you have to move, the easier it will be. Have family and friends help you with packing. Finally, hire movers to do the heavy lifting to avoid injuring yourself. Before you leave, set aside medications, toiletries, and pajamas in one box you can easily access in your new home.
While upgrading to a larger home does require some work on your part, it will be worth it. If you take up the homesteading life, you may even notice your health will improve, as spending time in nature reduces stress and anxiety, according to the American Heart Association. So contact Jason Buck to find the perfect property, make the move, and thrive in your later years.
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