Things to Consider When Buying a Home as a Senior

The begging of your retirement is both an exciting and terrifying time of your life. With so many significant changes and important decisions to make, it can be very easy to become overwhelmed. A big part of retirement planning is deciding whether (and where) you are going to move. Buying a home as a senior is usually challenging for multiple reasons. A big part of this is, for instance, saying goodbye to your old home in which you built a life. From the size of your home to its floor plan, location and community, and how you’ll pay for it, there are many things to consider as a senior buying a home.

Ask for all the help you need

The process of moving is a physically, mentally, and emotionally draining one, even for young people, let alone seniors. Usually, it's kids who are helping elderly parents relocate cross country. Aside from asking your adult kids to give a helping hand, movers are the most obvious kind of help you can get when it comes to big or even cross-country moves. The majority of moving companies will be able to help you with the labor of getting your belongings from point A to point B. However, there are some more specialized companies that offer services to help you unpack, organize and set up your new home. Choosing the right company is very important, so make sure you do your research.

Consider different types of homes and communities

You likely spent most of your life living in a traditional family-sized home. It's common for seniors to immediately look for another traditional family home when faced with the house-hunting portion of buying a new house. And that kind of home can work if it has some important features for senior living. For example, bedrooms on the first floor greatly help a senior living alone. However, you should still be open to at least considering some other styles of homes that may be more suited to your new way of life.

For instance, you could consider getting an apartment instead of a house. A big plus that comes with living in an apartment building as a senior is the community it offers. In other words, if anything were to ever happen where you need help, you can count on your many neighbors to answer the call. However, a big con could be the apartment building not having a functioning elevator.

Private developments and gated communities also offer the benefit of friendly neighbors who would be happy to help out with some things. And, while these may come with HOA fees or such expenses, they make maintenance a lot less of a hassle. This is because they usually provide conveniences such as landscaping, lawn mowing, snow removal, etc.

Moving to a home within a community is a great idea when buying a home as a senior.

Choose your location carefully

Location is still one of the most important factors to consider when buying a home as a senior. There are a lot of different facets to choosing the right location for your future home. Here is a short list of the most important questions to ask yourself when choosing.

1. Do you want to live close to your kids or other loved ones?

2. Do you want to stay in the area of your religious community?

3. Are there any social activities you enjoy that require a specific geographical location (ex. going to the beach)?

4. Do you want a significant change, or would you like to stay near the areas you're familiar with?

5. Do you need your home to be close to certain healthcare facilities?

6. Are you okay with driving, or do you need everything to be within walking distance?

When buying your new home as a senior, try looking into areas with consistent weather.

While “the right location” does mean different things for everyone, expert movers from nwmoving.com do recommend prioritizing year-round consistent warm weather and a lower cost of living in retirement.

Think about aging in place when buying a home as a senior

Thinking long-term about aging in place is an essential part of the process for seniors buying a new house. You have to remember that your needs will change as you grow older. This is why you need to think about whether your home will be able to accommodate not only your current needs but your future ones too. Your new home should age with you.

We've already mentioned first-floor bedrooms as a big part of this. But it also extends to looking for spacious floor plans and wide hallways. Seeing whether the neighborhood of your potential home has level sidewalks is essential. Looking for the potential to renovate and add accommodations (ex., grab bars in the shower) is always a great idea.

Your ability to live in your new home for a long time requires significant forethought and planning.

Talk about mortgage options

Most seniors desire to buy their homes in cash. They prefer owning it outright and not worrying about monthly payments or carrying debt. Cash offers are also great because they make you a more attractive buyer in a competitive market.

Your age will not hinder your ability to get approved for a mortgage loan as a senior.

However, it's essential to know that conventional mortgages are still an option for seniors. The main advantage of getting a loan is that it allows you to keep your assets liquid. The Equal Credit Opportunity Act makes it unlawful to discriminate against credit applicants based on their age. So, your age will not hinder your ability to get approved for a mortgage loan.

Final Takeaways

To finish off, let's go through a summary of the main takeaways you should have after reading this article:

1. Asking relatives for help and hiring movers, housekeepers, and/or organization consultants can eliminate a lot of the stress that comes with the moving process when you're a senior.

2. You should be open to new options regarding what type of home and community you want to move into.

3. Location factors should be a significant priority for all home-buying seniors.

4. Aging in place means buying a home that can evolve with your changing needs over time.

5. Mortgage loans are a good option when buying a home as a senior if you're looking to keep assets liquid and have some cash to spend in retirement.

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Buying a home as a senior can be a hard task. But, with the right preparation and thorough consideration, it can go over really smoothly.

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