Feb 18, 2025
Moving during retirement is very common. In fact, one Merrill Lynch study found that 64% of retirees move at least once. While most downsize, a surprising number — 30% — do the opposite, upsizing into a larger property.
You may be among the one in three retirees who upsize, or at least move to more land, if not to a bigger home. But if you’re concerned about taking on more debt or worried about your ability to manage a larger property with arthritis, then you may not want to rush into things.
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Before you jump into buying your dream rural home and getting your garden planted, there are a few key things that you need to think about first. Here are three.
What will your move cost you?
The first big question is how much your new property will cost. Realtor.com reports that about half of all Boomers have paid off the mortgages on their homes.
If you’re one of them — or if you have a lot of equity in your home — you may be able to sell your house for enough to buy your dream property outright. That’s even easier if you’re moving from an area with a higher cost of living into a more affordable community.
If you don't have enough cash, you'll need a mortgage. Mortgage rates remain high relative to the pre-pandemic and pandemic eras, with Freddie Mac reporting an average interest rate of 6.87% on a 30-year fixed-rate mortgage as of February 13.
Shop around to make sure you can get a mortgage payment that fits into your budget. Taking on higher monthly mortgage payments at the very time your paychecks stop may not be the best move.
In fact, one of the biggest motivations for seniors to downsize is to enjoy lower housing costs while freeing up equity in their home to invest.
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Will you have the ability to maintain your new home?
Many seniors opt to downsize or move to a different type of home so they can age in place more easily. They look for smaller homes so they don’t have to clean a big house in their 70s and 80s. They look for single-level living and small yards so they don't have to worry about pulling weeds and mowing lawns.
If you're looking at doing the opposite by moving to a rural property to garden, then plan for mobility challenges. Keep your arthritis at bay with preventative care and follow your doctor's advice to manage symptoms. There may come a time when you need to hire help or move again — both of which could be costly.
Before moving to any home in retirement, think about the long-term impact of mobility and health issues. Don't commit to a home you can't stay in for the long haul. If you love gardening, one option might be moving to a low-maintenance, accessible home near a community garden where you can rent a plot and garden for as long as you’re able.
Will you have access to the services that you need?
As you consider rural properties, investigate what amenities and resources are available in the area. Consider how far away stores are and if you'll want to drive that distance as you age. Ensure there is easy access to a doctor, hospitals and health-care facilities.
Connections are important to prevent isolation. You may want to move closer to family or to join a community of like-minded retirees to enjoy a vibrant social life.
By choosing an affordable, long-term living situation, you can plant the seeds for the happy, financially secure retirement you deserve — along with a beautiful garden.
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Christy Bieber has 15 years of experience as a personal finance and legal writer. She has written for many publications including Forbes, Kilplinger, CNN, WSJ, Credit Karma, Insurify and more.
