This is a very informative guest post written by Carrie Spencer of thespencersadventures.net!
Retirement is about more than just getting away from the work scene; it represents freedom to pursue other passions in life. Retirement opens the doors to possibility. If homesteading has been something you have longed for, it may be worth considering the steps needed to make the transition. For many people, this starts with putting your current home on the market.
Preparing to Sell Your Home
As you consider putting your current home on the market, it will be important to have it appraised by a licensed professional.
It can be stressful to put your home on the market, and sometimes, there are repairs to consider that will impact the value and sale price of your property. Some repairs may be worth the time and money, while others may be too expensive to address. Hiring an appraiser or a home inspector could help you determine the extent of repairs needed. To determine which repairs are worth pursuing, consult a contractor to get an estimate. Focus on the ones that will impact your ability to sell without breaking the budget.
You may be required to disclose the repairs you make as you list your home. A licensed real
estate professional can guide you through the process. As you work on the sale of your existing home, you are also likely looking for just the right property for your homestead pursuits.
Finding Your Homestead
House shopping is an exciting process. The possibilities are endless, and the thrill of creating
the next chapter of your life is liberating. What do you want in your new home? Think about life in this new space: Do you want additional rooms for hobbies and space for the kids and
grandkids to visit and spend the night? Homesteaders need plenty of land to plant gardens and for animals to graze and wander.
You may also find that your homesteading passion can manifest into a business. Whether you grow fresh vegetables or raise goats, you can earn a steady income and supplement your retirement. If this idea appeals to you, it may be worth considering a home that has additional areas for workspaces.
Homestead Business Dreams
Creating a business from your homesteading dream is a double win. You can do what you love while earning an income. Keep in mind that if you do start a business as a homesteader, you can use part of your home for tax write-offs. If your business results in a loss (i.e., you end up putting more into it than what you’re earning), you can write that off against your income.
The way you form your business is an important factor as it influences how you spend your time as a business owner. Structuring your business as an LLC is smart because you can keep your personal assets protected, simplify paperwork, and enjoy tax benefits. There are varying rules for LLC formation depending on your location, so familiarize yourself with Tennessee
Buying a new property and turning your homesteading passion into a business is a long-
standing dream for many retirees. Homesteading is a rewarding lifestyle and can help you earn an income while you stay active and engaged during retirement.