Downsizing is a choice many of us make in retirement, but it isn’t necessarily the only choice we have. Upsizing and “rightsizing” are some other options to consider, especially for those with larger families or a passion for pursuing post-retirement hobbies and businesses that require a great deal of outdoor space. Homesteading is just one example of a post-retirement hobby or business idea that requires a bit more land, as most homesteads should be at least one acre if the homeowner’s goal is to obtain self-sufficiency.
If homesteading is part of your retirement plan, this article from The State Street Renegade will help you to find the perfect property for growing food, raising chickens, and welcoming friends and family into your home for holidays and weekend getaways. Read on to get started.
Set Your Goals
To start a homestead in retirement, you’ll first need to set your homesteading goals. These goals will be used to determine which type of house you should buy (and how much land you’ll need).
As one example, you’ll need a home with plenty of outdoor space for gardening and housing livestock if your goal is to grow your own food and/or raise animals in retirement. You might also need a large kitchen and pantry if you’ll be preserving food, guest bedrooms for hosting friends and family, and a workshop for woodworking and DIY projects. If you’re turning your homestead into a business, a home office space may also be necessary.
Some other goals and activities for homesteaders include:
- Making handmade beauty products.
- Milling flour.
- Planting backyard habitats.
- Living off-grid.
- Building household items (e.g. chairs, bowls, and utensils).
- Knitting clothes.
With these goals in mind, start researching home prices and the market in your target area. Your real estate agent will also help you to find the perfect property for homesteading in retirement. Likewise, a mortgage broker can help you to secure financing for your new home.
Make an Offer on Your Homestead
Once you’ve found the right home, your real estate agent will help you to make an offer on the new property. But because homes are selling so quickly, you’ll need to be prepared to move fast — which could mean purchasing your homestead before your current home sells.
That said, you may be able to request an extended closing when buying your new home. This will give you a bit more time to sell your old home while simultaneously purchasing a new one, all without missing out on your dream retirement property.
Make the Homestead Your Own
After settling into your new home, you can officially start your homestead. Begin by building your garden beds, greenhouse, storage sheds, barn, or chicken coops, and make any necessary repairs or renovations to the home’s interior. You might also wish to tackle some other tasks such as painting the walls, adding insulation, or replacing the appliances.
While the goal of many homesteaders is to achieve self-sufficiency, this doesn’t mean you can’t enlist the help of a few contractors as you get your homestead up and running. Local contractors can help with everything from remodeling your kitchen and bath to building a storage shed, so look for top-rated professionals near you before overwhelming yourself with more DIY projects than you’re ready for. And while hiring a contractor may seem costly, deals and promotions are usually available.
Turn Your Homestead Into a Business
For those who wish to earn extra money in retirement, it’s also possible to turn a homestead into a profitable business. Create a business plan that details the products and services you’ll sell, your homestead’s financial needs and projections, and the legal entity you’ll choose for structuring your home-based business.
Enjoy Your Homestead
Whether you’re starting a homestead for passion, self-sufficiency, or profit, these tips will help you to buy the perfect post-retirement home. With proper planning, you’ll not only find the right property for living out your retirement years — but also a place where you can entertain, garden, can and pickle food, raise animals, and ultimately, achieve self-sufficiency.
~ David Smith
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