A Quick Guide to Buying a Home
in Your Golden Years
Article sourced and written by Andrea Needham
Buying a new home in your senior years is a chance to live out the retirement of your dreams in a place you’ve always wanted to live. The home buying process is always a lot of work, but seniors have some specific considerations to keep in mind. From calculating how much home you can afford on a fixed income to hunting for a space that will accommodate your changing needs, you have a lot of planning to do. Here are some quick tips to help you get organized.
Finding the Right Home
If you plan to age-in-place like most seniors, make sure your new home will suit your lifestyle needs both now and in the future.
- Consider moving closer to loved ones who can provide support and assistance in your later years.
- Be sure to choose a community with access to all the things you want to do.
- If you want a simpler life, consider downsizing into a smaller space.
- When you’re ready to start house hunting, work with an experienced real estate company like The Cressy Team.
Funding your purchase
Before you start looking at homes, make sure this major financial move makes sense for you right now.
- Track your spending for a few months and build a household budget.
- Make sure you have room in your budget for monthly mortgage payments and other homeowner’s expenses.
- Get your financial prerequisites in order and apply for a mortgage preapproval.
Preparing for the big Move
Navigating a move is always a stressful process but planning far ahead will help everything go as smoothly as possible.
- If you’re moving long-distance, try to book your movers at least four to eight weeks in advance.
- Don’t forget about essential moving tasks, like updating your address and setting up utilities at your new home.
- Use a coded system for packing and organizing your moving boxes for effortless unpacking.
Ready to retire in the home of your dreams? Before you buy a new home, make sure you do your research! Think carefully about where you want to move, know how to spot a home that will accommodate aging-in-place, organize your financials, evaluate your mortgage options, and create a thorough moving checklist. All of the planning you do now will pay off when you finally get to put your feet up in your perfect, new home!
Photo Credit: Unsplash
Sign up for email alerts
Recieve new listings daily through Cressy Team email alerts