Upsizing Your Home in Retirement

Tips for Upsizing Your Home in Retirement

It's common for seniors to sell their homes and move into smaller spaces when they retire. But you don't have to follow suit. If your dream is to own a large property and build your own private homestead, go for it! All you need is the funds for a down payment, a mortgage pre-approval, and a great realtor—like Lynn Kenyon of Live in MT Real Estate—to help you find the perfect property for your retirement. Here’s what you need to know about upsizing and how to make it work!

Why Go Bigger?

If you're planning on buying a bigger home or property when you retire, you're not alone. Rightsizing is a common home-buying trend among baby boomers. As opposed to downsizing, rightsizing involves moving into a space that better fits your needs and desires. If your dream is to build a homestead or off-grid home, rightsizing likely means buying a bigger property where you can spread out and pursue your passions. Rightsizing is about more than upgrading your home—it’s about upgrading your lifestyle!

Creating more living space will also give you more room to accommodate visiting friends and family. You’ll be able to welcome your grandchildren any time they want to visit and host family gatherings during the holidays. If your new home is big enough, you could even convince your adult children to move in and share the space!

Budgeting for a Bigger Home

Before you decide to buy a bigger home, make sure you can afford it. Research property prices in the area where you’re hoping to buy so you can estimate your down payment and mortgage prices. If you’re planning on buying land and building your own home, keep in mind that land loans typically require higher down payments and involve higher interest rates than traditional mortgages. To save the money you need for your big purchase, you may need to make a few sacrifices.

But buying a bigger property isn’t always a financial hurdle. In some cases, you might just save money by upsizing your home. If you live in an area where home prices have risen significantly since you bought your house, selling could free up enough cash for a bigger home in a more affordable area. You might even have some money leftover! Similarly, building an off-grid home can help you save money on utilities throughout your retirement.

When you find a home with great potential, hire a home inspector to check for maintenance issues. This will allow you to budget for home repairs before you agree to purchase the place. You may even be able to negotiate with the seller for a closing credit to help you pay for certain repairs. Use online tools to estimate the cost of repair jobs so you can budget accurately. For example, Home Advisor reports that the average cost to replace glass window panes falls between $170 and $375.

Moving and Settling into Your New Home

Buying a home or piece of land is just the first step. After finding a place to retire, you’ll have to navigate the moving process and prepare your new home for move-in day. Save yourself the trouble of hauling boxes and driving a cumbersome van by hiring movers to handle everything. Remember, it’s best to book movers a couple of months in advance, especially during the busy summer season.

You should also clean your home thoroughly before moving in. Big homes can take a long time to clean, but things will go much faster without furniture and décor to work around. You could even hire a professional house cleaner to give your new home a deep clean so you can focus on packing and preparing your home for sale.

Retirement is your chance to finally find the home of your dreams. If a bigger home is what you want, don’t give in to the pressure to downsize and adopt a minimalist life. Pursue the retirement lifestyle you've always wanted! Live in MT Real Estate can help you find the perfect place to settle down in retirement. To start your house hunt, search for listings or call (406) 770-0013.

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