Buying A Home In Your Golden Years
For those in their 60s and later, buying a home deserves a little more thought and research than usual. Homes are an enormous financial undertaking, and you may have a more difficult time recovering from a mistake on a fixed or limited income. Read on to learn more about buying a home in your golden years.
Why do you want to buy a home?
You must be able to answer this question before you make your decision, since your motivation could play a key part. Some seniors find themselves with too much house, and want to downsize to a condo. Are you just doing what you think is expected of you? Not all situations support a home purchase; sometimes it makes more financial sense to rent. Renting means less worries about maintenance and less repair surprises. You may have reached a point in your life where you want to spend more time having fun, traveling, playing golf, or visiting the grand-kids, and a rental could present you will that worry-free lifestyle.
What type of home is best for you?
By now, you have likely lived in many different variations of a home, and you know that home does not always mean a single family home complete with white picket fence and garage. If you just assume that you will purchase another single family home, you may be missing out on several other options that could end up being better choices. Consider for example:
1. Condominiums: These homes relieve you of the task of yard work and are often smaller and easier to take care of than a house. Depending on the type of condo development you choose, you may have the option of buying into a 55+ community, where you might assume you will be living with other like-minded people. Many condo communities offer workout facilities, pools, social gatherings, and more.
2. Townhomes: These homes split the difference between a single family home and a condo. Usually consisting of at least two floors (though you can find flats as well), you should carefully consider the safety and annoyance of having to climb stairs to get to the bedrooms. On the plus side, townhomes usually offer an outdoor area to enjoy, without it being too large to take care of. Most townhomes offer parking right in front of the unit, and some even offer garages.
3. Deed restricted neighborhoods: You can find nearly any variation of condo, single family, and townhomes in a deed restricted community but with more rules. Rules can be helpful or they can be intrusive, so be sure to have a good understanding of them before you buy.
To get more help deciding on whether to buy and what to buy, talk to a real estate agent.