Buying a bigger home isn’t an event reserved just for growing families. Today, many active seniors are choosing to add square footage to their lives so that they can pursue careers or even new businesses during retirement. Here, North Shore Area Partners takes a look at the benefits of a larger home for those looking to live big.
More visits from family.
There is no question that grandparents enjoy spending time with their grandchildren. If you are fortunate enough to have a close relationship with your extended family, moving into a larger home opens up more opportunities for them to visit. You can have a room dedicated to the kids and a big backyard where you can all play games, eat, and enjoy the outdoors.
Having more time together is beneficial to the grandkids as it helps create a strong family bond. For you, however, the benefits are tenfold. Sharp Healthcare explains that grandparents benefit from being more physically and mentally active. Further, you’ll get to see your children’s children in a more relaxed way than you likely parented your own offspring.
Space to open your dream business.
Having more time and space for your family is only one perk of a larger home. If you’ve ever dreamed of becoming an entrepreneur after your corporate years are over, starting a business from home is a great option. Working for yourself allows you to pursue your passion, but it also has plenty of tax benefits. Furthermore, you can write-off your home office or take a tax deduction for paying working-age grandchildren for assistance.
Keep in mind, however, that your new home may be targeted if you are sued or experience great financial losses. One way to circumvent this is to register your business as an LLC, which offers a great deal of protection for personal assets. This is a straightforward process that you can do yourself using an online formation service. Forgo the attorney fees by researching local regulations and you’ll potentially save $1,000 or more. There are a few other tax advantages as well, particularly if you plan to take a salary instead of simply depositing your profits.
Have you always wanted to go off the grid? This is a dream for people of all ages and entails relying as little as possible on the outside world. A larger home with land can become your family homestead where you grow your own food and, in some cases, generate your own electricity and water.
Generally speaking, to be almost fully self-sufficient, you’ll ideally want at least five acres. Depending on your goals, you may need more or less. Before you decide how much land and home you need, do the math. Determine first how much you can actually afford based on your income and, if applicable, any home equity you have on your current property. Real estate costs less in the country, so decide if you can feasibly live outside of city limits and still maintain the quality of life you expect.
When you want to retire big, your first thought may be to downsize and travel with your savings. But this may not be the best option, especially given that travel options are limited at present and will be for the foreseeable future. Buying a new home with more space for family, friends, and personal endeavors might be exactly what you need to retire on your own terms and enjoy every minute.
North Shore Area Partners is your partner in living independently. When you need assistance with chores, transportation, or other in-home support, see how we can help.
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About Bob Shannon
Bob Shannon, along with his wife, Mary are the creators of seniorsmeet.org. The inspiration behind SeniorMeet, was to have a website that allows seniors to "meet up" and talk about topics that are relevant to their daily lives. In their late 60s, Bob and Mary started to realize they were entering the years where they’re less concerned about being hip than they are about breaking a hip. Being in the stage of life where they're starting to slow down made them realize how important it is to have a supportive community of like-minded seniors, so why not have one online? Check out SeniorsMeet, where there are no “youths” allowed!