Helpful Home-Buying Tips for Seniors
When you approach your senior years and retirement, you may look around and realize the home you raised your family in doesn’t meet your needs anymore. Many seniors decide to break away and find a new home to accommodate the retired life they always dreamed of.
However, it’s likely been years since you’ve entered the real estate market. Plus, there are resources available specifically for your age group. Read on to learn more.
Picking Perfect Professionals
A realtor is your guide through the maze that is the real estate market. A good realtor will save you time finding properties that are right for you while also acting as a buffer when it comes to dealing with homeowners and selling agents. When looking for a real estate professional, look for one whose niche is retired seniors.
These agents are aware of your different income considerations, special housing requirements, and your unique needs. To find the right realtor, look for ones that market their SRES Designation as a Seniors Real Estate Specialist.
Finding the Right Home
When looking at houses, it’s important to consider the location and amenities available. These two things have the biggest impact on your lifestyle. Plus, with all the free time you have in retirement, you can plan and execute renovations on a property that isn’t picture-perfect so you end up getting exactly what you want. Just be sure to save money in your fixed budget to pay for the renovations.
Remember to look into prices that are specific to your area, as things can change from town to town. For instance, in Castle Rock, Colorado the average price to remodel a bathroom is $6,000 to $10,000. You can also make big changes with more affordable projects like carpet cleaning or updating kitchen countertops.
Navigating Financing Options
As a senior, you get discounts on a lot of things. However, a homeowner isn’t going to knock off 20 percent of their asking price just because you are over 60. Don’t fret — you can buy a new home even if your nest egg isn’t made of gold.
The U. S. Department of Housing and Urban Development (HUD) provides government housing programs for seniors. Ask a housing counselor about HUD homeownership classes that teach seniors about programs like reverse mortgage as well as other money-saving ventures like making your home more energy efficient. HUD also helps senior adults buy foreclosed homes.
There are various mortgage types to consider. including your standard mortgage, second mortgage, refinanced mortgage, reverse mortgage, a Home Equity Line of Credit (or HELOC), a Home Equity Conversion Mortgage (or HECM), reverse annuity mortgage, and VA loans available to veterans of the armed forces and their spouse.
Is Buying a House Right for You?