While many seniors downsize in retirement, others decide to upsize to accommodate a post-retirement business startup, homesteading pursuit, or to have ample space to entertain. While this can be an exciting venture, it’s important to give careful consideration to how you want to use your new home, and how to ensure you’re getting the right mortgage to fit your needs. Jonathan Perea and Century 21 King can help you find the perfect property in Southern California.

New Home Uses

If you’re “going big” in retirement, think about all of the things you want your new property to accomplish. Are you looking for a roomy multi-bedroom retreat that will accommodate family and friends dropping by or staying for extended periods? How about a rec room to entertain grandkids? Do you need acreage or outbuildings to, say, start a small vineyard and your own wine label, or raise goats for a goat milk soap and lotion line? How close do you need to be to amenities? Can you handle a fixer-upper, or do you want something relatively low-maintenance? Write out a list of “must-have” features before you start crunching numbers or touring properties.

What Can You Afford?

You’ll need to assess the value of your current property to get a feel for what you can expect to pocket after a sale. A reputable lending agent can help you determine what you can afford to pay with a new mortgage. There are a variety of loan products to choose from, including a Federal Housing Administration (FHA) or Veterans Administration (VA) loan. You can also look at adjustable-rate mortgages or low-down payment loans. If you have solid credit, cash for a down payment, and the right debt-to-income ratio, a conventional fixed-rate loan like Penny Mac US is usually your best bet. You’ll get a better rate and have fewer incidental costs to contend with. Plus, interest rates are low right now, making it a great time for buyers to apply for affordable mortgages.

Looking at Properties Once you have an idea about the type of property you want and can afford, you can start your home search online before reaching out to Realtor Jonathan Perea, the Century 21 King. Consider things such as square footage, number of bedrooms and baths, acreage, space necessary for a business or hobby, and age and condition. The

latter is of particular importance, because according to This Old House, an older home may require additional attention and repair costs down the line. You’ll also want to check the zoning for the property, especially if you’re planning sustenance farming or raising livestock of any kind.

If you’re buying an older property, plan to make any necessary repairs before moving in, so you aren’t living in the midst of construction or work crews. Once you’re settled, get familiar with your new surroundings, meet your neighbors, and start integrating into your new community. Once you find your footing you’ll be poised to start enjoying your post-retirement life!

If you’re looking for expert insights into Southern California real estate, Jonathan Perea and Century 21 King can help you plan your home-buying process from start to finish. Reach out via phone or email to learn more.