Purchasing a home as a senior can be a scary prospect, especially if you have built a life in a past home. But it can also be a grand opportunity to take on new challenges, learn new things, and step into the future happier and more excited about what’s to come.
The transition can be tricky, but there are many different things you can do today to make it a nice and clean process.
Use All the Tools You Have
Government programs can help offset a lot of the costs of buying a home as a senior. There are also government programs for disabled home-buyers. These things are not widely advertised. You have to ask at your local real estate office or search online to find them. Explore all your financing options to find money where you wouldn’t even think it would be! There may be special local options out there for down payment assistance, tax credits, closing cost assistance, and even discounted interest rates.
Get the Down Payment
This is a tip that can apply to any buyer of any age- nail down the down payment! Your life is so much easier if you can come to the table with a chunk of change for a down payment. You gain negotiation ground. Your options open up. It really is the best way to get ahead of the curve when you make your home purchase, regardless of your age.
With that said, this can be a tough challenge. We suggest exploring a variety of investment options. Speak with a bank professional who can direct you to viable sources for financings, such as a government loan, a VA loan, or a small business loan. These are just some areas to explore although having some cash room to wiggle can really help push you in a positive direction.
Think Location
While the location is and has always been, absolutely vital, you should look at it in a different way when buying later in life. The location should fulfill criteria such as convenience, accessibility, close to family, and more. In other words, you want the home and the neighborhood to age with you. This incorporates a lot of things that may be hard to think about. For example, you don’t want to live in an area that is on the cusp of exploding in population. This might make easy travel harder and make your home less private. Also, consider city development and local businesses.
What is the trajectory of the area? Is it going in a direction you are comfortable with for the next 30 years?
No Discrimination
It is illegal to discriminate by age. While this may seem obvious, it is worth remembering when you sit down at the table and deal with money. Your creditor will look at your credit history. If you have a good rate, you should be approved whether you are 25 or 85. Keep this in mind. Is it realistic for an 85-year-old to pay off a 30-year home mortgage? Perhaps not, but you can’t discriminate by age and the creditor can’t assume it can’t be paid off. There are some age limits to loans, and this is certainly something to consider. But don’t be held back unreasonably in matters like age discrimination.
Hire a Professional
A realtor can navigate the negotiation process, handle mountains of paperwork, follow buying to the tee of the law, and generally handle your home buying matters. Realtors are an invaluable team member. I am knowledgeable in all of these areas and I can help you tackle the heavy lifting of home buying.
A professional can also help you avoid traps that are out there for senior buyers. You can’t be too careful. Be very careful and work with trustworthy advisors, like financial planners and lawyers, to facilitate the home purchase, and I can help you find these professionals. Older homeowners make up 10% of home purchases. Seniors are buying homes. This may be you. View my listings and contact me to find your new forever home.
