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Buying a New Home as a Senior
Finding the perfect home to spend your golden years in can be an exciting achievement. If you’re a senior in the market for a new home, there are a few important things you’ll want to consider before making your next big purchase or relocating. Here are a few things you should think about before making that offer, courtesy of Jehl Law Group.
Identifying Your Future Needs and Accessibility
One of the most important things to consider when buying a home as a senior is that the home is senior-friendly and accessible, notes Confident Living. While most people wish for good health throughout their lives, the reality is that mobility and health concerns can crop up in the later years. One-story homes, houses in senior neighborhoods, and homes with easy access to services are generally the way to go.
Researching the Lending Process and Mortgage Options
Before applying for a mortgage, it’s a good idea to understand exactly what you can afford. Home prices will depend on your location and what type of real estate market you’re in. If it’s currently a seller’s market, you may want to wait a bit before buying. Whether you’re on a fixed income like most seniors or plan to delay retirement, your income might change, and it’s a good idea to consider that before deciding on your housing budget.
Start by taking a closer look at your annual income, the down payment money you have saved, and average APR rates. You’ll find that you have a few mortgage types to choose from.
Seniors need to be able to show stable income, even if they derive that income from Social Security, so a good credit report and a plan on how you’ll make those payments will be important. When in doubt, Nolo suggests reaching out to a financial planner before starting the home-shopping process. They’ll be able to help you to determine what you can afford.
First-time buyers new to the lending process may experience some challenges when it comes to their age. While lenders are not legally allowed to discriminate, they will need to be sure you can make payments if your circumstances change. Having information about pensions, savings, and safety nets available to you will be important for a first-time senior buyer. The more prepared you are as you go into the pre-approval process, the better your odds will be of receiving the funding you need.
Knowing Your Support System and Community
Moving into a new home is about more than just the structure and property you’ll be living in and on. As a senior, it’s important to be sure that the home you buy will be near healthcare facilities and family or friend support systems. As you decide which house to make an offer on, look in its town for senior centers, senior programs, churches, and more. In the same way you might have researched a school system when raising a family, you’ll want to be sure you have resources, too.
Sometimes, we need a little help to settle into your golden years. So if you’re looking to buy a new home, check the listings and take advantage of the resources available to you in order to make the buying process a little easier. That way, you’ll be in your new home in no time!
Jehl Law Group is a law firm that cares. Too often, we see our seniors neglected. That’s why we believe in holding senior care providers accountable for their actions. Call (901) 306-6508.