There is no age limit for buying houses, and you can purchase and enjoy a home even after turning 60. This allows you to attain your goal of owning a house while getting a haven to spend the rest of your life. However,
buying a home at 60 is different
from buying it earlier, and you have different priorities. Learn important
considerations for purchasing a home later in life.
Finances
More and more seniors across the U.S. are buying houses, with one survey reporting that seniors aged 52-70 accounted for 30%
of home sales in 2016. However, before making this bold decision, you should determine whether you are financially
ready.
A new house is a considerable investment, and you must plan how to finance it. Although buying cash is the best bet, you can also take a mortgage.
Nevertheless, taking a mortgage when you are in or near retirement requires careful consideration, especially the financial impact.
Ensure you can still service your mortgage even after retirement. Do you have other sources of income, insurance, or retirement benefits to help you? Apart from the mortgage costs, remember to account for other home-related expenses such as insurance, taxes, and homeowner's association fees.
Needs
and Lifestyle
When buying a house at 60, consider your needs and lifestyle and buy a house that meets them adequately. For instance, if you want a home to spend your retirement, you must choose a good location
with good weather, proximity to family and friends, and modern amenities. The layout and size should allow you to do the things you love such as gardening
or cooking.
Also, think about the activities you intend to engage in once you move to the new house. If you will travel frequently, you will buy a different type of house than when you plan to volunteer
in community activities and have your grandkids spend summer with you. In the latter, you need lots of space to accommodate visitors.
Accessibility
As you age, your health and fitness change and you require a home that meets these changing needs. Instead of waiting to conduct costly and complicated
renovations to make your home senior-friendly, it pays to settle for an accessible home right now.
By accessibility, we don't mean a house overridden with obtrusive rails and chairlifts that you still don't require right now. It means choosing a home that combines accessibility and modern design.
Such a home prioritizes visibility, ensuring that the house and entryways are well lit, reduces the use of steps in entryways and bathrooms, and ascertains workspaces
are accessible both while sitting and standing. Also, a single-story home is suitable so that you don't have to climb stairs.
Walkability
and Amenities
After retirement, you have plenty of time, and countless opportunities for entertainment, travel, new friendships, and proximity to amenities are beneficial. Therefore, consider a neighborhood with numerous fitness opportunities - gyms, paths,
trails, public transport, green space, healthcare facilities, dining and shopping options, and entertainment and
cultural zones.
With age, driving becomes less appealing and safe, and walking becomes an excellent option. As such, consider a walkable
neighborhood, so you get around easily.
Safe walking routes and sidewalks should be a priority,
and a community
integrating homes, offices, and retail stores is desirable.
Maintenance and Upkeep
Owning a house comes with numerous maintenance responsibilities, from HVAC,
landscaping, and roofing.
As such, you must prepare
to handle all these responsibilities or outsource as needed. Do not forget to account for the expenses incurred if you hire a professional to perform repairs and maintenance. If these
maintenance tasks are a burden for you, consider
an apartment or independent housing where such tasks are cared for.
Get in touch with Robert Cottingham Property Managementfor quality and affordable housing opportunities in Central Illinois. Whether you need senior housing, income-based apartments,
or disability housing, we have numerous options to choose from to meet your needs and budget.
