Real Estate Buying Tips For Seniors

Posted on: 27 July 2018

Purchasing real estate is always a challenge, and the challenge is even greater for seniors. Many people don't realize that there's a good chance they'll have to move to a different house once they get to a certain age. As a senior, it may not make sense to live in a large house, especially when all the children have moved out of the house. This will mean having to dip back into the real estate market.

Naturally, the first thing you should do is to hire an over-55 real estate agent to help you navigate the choppy waters of the real estate market. There are other things that you should also have in mind at such a time.

Keep Your Budget as Low as Possible

You should buy a house that costs less than you can afford. It's not uncommon for seniors to run into serious financial problems at this stage in their lives. With retirement looming and possible increased medical costs, the cash flow may not be what it was during your younger years. Therefore, it helps to limit expenditure wherever possible. Smaller single family homes, ideally with one level, are the best way to go.

Think About Accessibility

Accessibility is a major for many seniors. You could be moving about feeling like your young self in one moment, only to find yourself using crutches or confined to a wheelchair due to illness or a broken hip. Under such circumstances, moving around a standard house can become a frustratingly difficult task.

When you're buying real estate, consider the challenges you might experience as you age. A bedroom on the first floor can make a world of difference.

Buy Close to Friends and Family

As a senior, you're likely to be spending a lot of your time with your family and friends. This seems simple enough unless you have to drive for several miles every day. As you age, driving can become a very dangerous task. The risk of car accidents is much higher among seniors than younger drivers. Therefore, the less you have to drive, the safer it is for you and other motorists.

Buy a House that's Ready to Move Into

You should always buy a house that's ready for you to move in rather than one that will require modifications before you're able to move in. For starters, you won't have to spend a fortune trying to make the house more livable. Secondly, you won't have to suffer through the process of getting the house to the required standard.

A new house is an even better choice because it will probably need less maintenance.