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Homesteading makes an excellent hobby, no matter your age. But for retirees, it offers a perfect opportunity to slow down, connect with friends and family, and enjoy a sprawling property instead of spending your golden years in a stuffy condo. Here are six tips you need to know to make the most of your homesteading experience.

   1. Plan Early (And Revisit Often)

Knowing where you want to be in five years is essential no matter your age. But when you’re approaching retirement, it’s even more crucial. Planning for your homestead years in advance is a smart way to approach this significant life change.

Of course, a conventional retirement at age 67 (or older) may not be for you – and that’s understandable. For advice on retiring early, visit Leisure Freak for expert opinions and perspective. You might find that your dream of retiring to a homestead in your younger years is more realistic than you expected.

   2. Choose the Right Size Home

Downsizing is a common trend among seniors these days. But that doesn’t mean you have to follow the crowd. Many retirees are also “rightsizing,” a housing trend where they choose the property type and size that’s right for their future.

With homesteading, ensuring you have room for your hobbies and passions is more important than a square footage measurement. Selecting an amount of acreage involves knowing what you plan to grow (or raise), too. Estimates range from three acres to 13 or more – all depending on the type of animals, crops, and house you want.

   3. Know Your Home Loans

Perhaps you’ll be cashing out retirement or pension money to land your ideal homestead. If not, you’ll need to determine how much of a payment you can afford and the available mortgage options.

For example, choosing a conventional mortgage means low costs and variable down payment options. Referencing PennyMac current rates can give you an idea of your loan’s cost, whether it’s adjustable- or fixed-rate.

   4. Recognize Your Limits

Your budget may be one limit, but your personal preferences and physical capabilities can also be a help or hindrance. You want a home you can afford, but you may not want a property that needs a lot of work.

Knowing when to enlist help with moving house is another instance when recognizing your limits is vital. Injuring yourself while moving is totally avoidable – though many retirees are reluctant to hire help. On a homestead, there may also be tasks you can’t DIY, and planning for those instances is prudent.

   5. Adjust Your Vision

When you imagine homesteading, you might picture a rustic property complete with a barn and free-range chickens. But homesteading is (and looks) different for everyone, so learning how to start depends on a variety of factors. You can even homestead while living in a city – so it’s not all about location.

Think about what you hope to accomplish while homesteading. Greater financial and economic independence may be a priority. Or time – and space – to spread out with the grandkids might top your list of must-haves.

   6. Prepare Your Finances

Financial planning is essential whether you’re aiming for retirement or a working homestead. But some financials will change once you move to your new property.

For example, as Smart Asset explains, you may qualify for a homestead tax exemption when filing your taxes. Additional deductions may apply, too, especially if you’re growing or making commercial products.

 Homesteading as a retiree is much different than starting out with a young family or as a single person. Fortunately, there are just as many benefits as there are drawbacks – as long as you know what to expect. With these tips, you can better prepare for the adventure before heading out.

This informative article was contributed for Leisure Freak readers by Bob Shannon

Bob Shannon created SeniorsMeet along with his wife, Mary. Their goal is to create an online meeting place for seniors like themselves who thrive in the community. The site offers information and resources that are helpful to seniors as well as ways to keep in touch.