If you are thinking about buying a home and you fall into that "golden years" category, you may need to do bit more research than others. Buying a home is a huge financial commitment, and even a small mistake for those of an advanced age could turn out to be disastrous. To view some thoughtful points about home-buying for senior citizens, read on.
Consider Your Motivation
Examining your reasons for buying a home is vital, and doing so could help you make a better decision. The main reason many older adults give for buying another home is the urge to downsize. Once your children have finally left the nest and seem to be well-situated in nests of their own, you may look around and realize that you have a lot of unneeded space in your current home. In fact, you may get quite a bit of advice to that end, which does not mean that you must automatically move to a smaller place. You may want to consider renting a home instead of buying one, especially when you consider freeing up your time and funds to travel, visit the grands, and pursue hobbies instead of worrying about home repair issues.
Consider What Type of Abode
Home doesn't have to mean a single family residence, it can be almost anything or anywhere that you feel comfortable and can afford. Before you automatically start looking for another picket-fenced white cottage style, consider some of the alternative options:
- Condos: These are popular with seniors, and for good reason. In most cases, there is no yard work because, well, there is no yard. That should not be taken for a negative since many condo complexes offer pools, workout rooms, beaches, social gatherings and more. If you go with a 55+ community, you can live with others your own age.
- Townhouses: If you are looking for a compromise between a single family residence and a condo, a townhouse could be the perfect answer. Most of them sport as least some yard, but not too much to handle. While most townhouses are two or more stories high, you can find single story townhouses if you dread the idea of stairs. Another bonus for the townhouse choice over the condo is the ability to park right at your front door, with some plans even offering attached garages.
- Deed restricted neighborhoods: More of a designation than a type of home, this type of community offers more security for seniors, with some offering gated restricted access and a lot of rules. Just make sure you understand those rules before you buy in.
To get some more ideas about your options for housing in your golden years, talk to a real estate agent.