Retirement is an exciting time for most of us. And although conventional wisdom says it is also a time to downsize your space, the opposite may be what you need to enjoy your golden years. Here are a few things you can do if you plan to upsize your lifestyle during your retirement. Keep these ideas in mind as you browse through Peter’s listings.
Start your own business.
Owning a business is the American dream. It is, after all, your best bet when you want to take control of your finances. If you spent your entire working life in a nine-to-five, retirement is a great time to prioritize your passions as a business. Whether you want to be a freelance writer, woodworker, or software developer, now is the perfect time to launch a home-based business.
When you buy a larger home, you will have room to separate your personal from your professional endeavors. But something to consider here is that launching a business may put your new investment at risk. Look into your state’s rules on forming an LLC. There’s not a ton of paperwork involved, and you can use a formations service to establish your LLC before you buy your home.
In addition to a few nifty tax advantages, this type of business structure legally protects your personal assets from being targeted in business disputes or financial missteps. This makes it more compelling than, say, a sole proprietorship structure.
Establish a farm homestead.
Have you ever wanted to live self-sufficiently? A great many of us have had that dream. Buying a larger home — and a few acres to go with it — can help you do just that. Your farm can include everything from a barn to a large garden that you can use to grow your own food, build your own furniture, or anything else you need to be self-sufficient.
A farm/homestead also makes a great foundation for a home business. You can sell fresh produce, offer homemade jams and jellies, or open up a farm-to-table bed and breakfast. The possibilities are truly endless, and you will have the room to engage in more than one passion should you choose.
Entertain friends and family.
Finally, buying a larger home will give you the freedom to spend more time with your friends and family. If you’ve never quite had the space for grandkids, now you do. You can build them their own personal playground, give them their own bedroom, or designate an indoor area just for arts and crafts.
For the adults (and the kids) you’ll have room to spread out outdoors, and you can even build an outdoor kitchen, movie theater, and covered patio — each of which will allow for outdoor social distancing until the pandemic has subsided. A larger home also means you can host family gatherings, and your children and grandchildren won’t feel as though they are imposing on you should they wish to come over for a weekend visit.
There are so many possibilities to life once you retire. Don’t fall into the belief that you have to move to a small condo to enjoy your golden years. Sometimes, buying a bigger home makes the most sense. If it’s in your budget, you might just find that a large estate actually gives you a purpose and allows you to live out your best years in a home you love surrounded by people that love you.
Peter Leonard-Morgan’s expertise in real estate in Loudoun County is second to none, and his dedication to his clients is unrivaled. Contact Peter today to discuss your real estate needs. 443-254-5530
Peter writes for his local magazine, Country Zest & Style, as its Wine Editor. He also enjoys writing blogs on interesting and pertinent real estate matters, so please follow!