Many 55+ are finding that a move is necessary after retirement; sometimes it comes after a change in income and sometimes it’s after the kids leave the nest creating a need for downsizing.
Other times, the loss of a spouse or a change in marital status necessitates a move. Whatever the reason, it can be a major life change and a difficult process for a 55+ who has lived in the same house for many years. Finding the right home for you is important! Getting it just right means you’ll have a more comfortable living situation.
There are several things to take into consideration when you’re looking for a new home, such as location, financing, and ease of mobility and accommodation. Start with a good plan, do some research, and ask for help from friends and family when you feel you need it. Having support can go a long way towards helping you get through this big transition.
Here are a few of the best ways to get started when you’re ready to buy a new home.
Do Your Research
Your new home needs to work for you; that is, it needs to have all the things you require as well as the things you’ll require in the future. Think five or 10 years down the road; will you be able to handle going up and down stairs every day? Or mowing a big lawn every week? Many seniors want a place that’s easy to take care of and will contribute to their health and well-being, so consider a home that is all one story or one that has a small, easy-to-maintain yard.
If you’re able to secure the financing, you might consider buying a home that doesn’t have all the things you’re looking for but could have potential with a few simple updates. Just be sure there are no major changes needed, such as a new roof or a new furnace, as these items can drive up your costs and quickly deplete your budget.
Location, Location, Location
Look for a home that’s within close distance to all the places you visit most often, or one that is near your family members. Living far away from town may sound appealing after retirement, when you want to relax and get away from the stress of the city, but it’s much better in the long run to stay close to the things and people you need.
Look for Special Financing
Seniors and individuals with disabilities qualify for special financing options in many states, so look online to see what you may be eligible for. Depending on your age and income bracket, you may be able to secure help through the Department of Housing and Urban Development or the Social Security Administration.
If you’ve served in the U.S. military, you may be eligible for a VA loan. VA loans offer reduced interest rates, and if your new home is purchased at or below its appraised value, there’s no down payment.
Consider all Your Options Carefully
Buying a new home is, of course, not something you want to take lightly. It’s a big investment, but it can be a very smart one if you go into it with all the information. Buying a home can be a much smarter choice than renting; you’ll get several tax breaks, but also landlords can raise the rent at any time, if you lock in your interest rate at signing you won’t have to worry about your mortgage payment going up.
Making a move as a 55+ can be a big job, so be sure to ask for help from your friends and family when the time comes. With the right planning, you can choose the home for you in no time.
Article Courtesy of Danny Knight of fixitdads.com
