If you’re planning to transition to a homesteading lifestyle post-retirement, you may need to relocate to a larger home and property. Upsizing post-retirement may seem unusual, but it actually is fairly popular, especially for retirees who look forward to hosting family and loved ones now that they have more free time. For those considering starting a business or homesteading, a larger property may be not just a luxury but a necessity. Read on for some valuable information.
As you begin your search for a home, trust Bill Leeper and Pamela Meyer at Your Colorado Home Groupfor expert assistance!
Reformation Acres explains that homesteading can take different forms, but in general, the homesteading lifestyle is about greater self-sufficiency. Homesteaders may live completely off-grid, producing much of their own food and even clothing and other products. Or, they may live on-grid while growing and preserving their own food. A homestead might be a small hobby farm with a few gardens and some chickens, or it could be a sizable property with grazing and hunting land. You can even do urban homesteading. How you decide to homestead may depend on your own preferences and interests, as well as the kind of property available to you.
Many homesteaders opt to sell their products, and if this appeals to you, you should consider forming as an LLC to stay compliant and take advantage of tax perks. States vary somewhat on requirements when forming and starting a business, so be sure to find out what it takes to do so before proceeding. A formation service can show you how to start an LLC in Colorado. Using an online formation service to complete the process is an affordable and efficient way of ensuring all the paperwork is completed correctly and sent to the proper authorities.
Does this have anything to do with a “homesteading exemption”?
If you’ve heard about such a thing as a “homesteading exemption,” you should be aware that this use of the term is in a completely different context. It does not have to do with whether or not you are living self-sufficiently off your land. It simply has to do with claiming an exemption to protect your home from being sold to satisfy creditors, in the event of the death of a spouse who was the primary homeowner. This has to do with real estate law, not lifestyle. And the requirement is simply that you reside in the house in question.
What do you need if you want to homestead?
You should come up with a ballpark idea of how much land you need. But it’s not just the size of land that’s important. It’s also the kind of land, its soil, and its situation. Specify what you need in a property to pursue the homesteading projects you’re hoping for. If you intend to garden, Gardens To Tables notes that you will need decent soil, a reliable water source, and sufficient sunlight. Drainage is also important.
If you plan to raise animals, find out how much grazing land you will need, depending on the species and use. Also, be sure there are no zoning regulations prohibiting you from grazing livestock. When it comes to the house itself, decide how many rooms you need if you plan to host visitors or if you need an office space or workshop.
Some tips for finding the right homesteading property
You may get lucky and find your dream homestead at a decent price, but if you do, you will have to move quickly. This may mean buying a new property before you’ve finalized a sale on your existing home. This may require taking a loan out based on the equity tied up in your present home. You can also ask for an extended closing. Or, consider renting if you suspect the sale will take a while.
What if you can’t find the ideal homestead?
If you can’t find the home and property of your dreams, you may have to get creative. You might be able to buy a smaller house and add additions. Or, you could purchase a house that needs some repairs. In which case, it’s important to work with reliable contractors who will make your new house livable as quickly as possible.
Another alternative is to examine homes for rent in the area. Renting a home can enable you to get moved into a community while continuing your search for the perfect property to begin your homestead.
Many homesteaders are quite handy with home repair, but if the windows are drafty or leaky, consider hiring an expert in residential window repair. If the foundation seems iffy, have it checked out by a professional before making the purchase.
Homesteading can be a great option for retirees because it lets you pursue your hobbies while also learning new skills. It will keep you active and engaged during your retirement years. And with a larger homesteading property, it will be easier for you to host family and loved ones.
