It's always a good idea to be mindful of a purchase as large as a house, but when you're in your later years it can become even more important. Looking at houses for sale and ultimately buying one is a large undertaking, both financially and in terms of practicality. Since any mistakes made during this time of your life could be more difficult to deal with, read on to learn more.
What's Your Motivation?
When you are considering making a move, the key is to consider your reasoning. It's not unusual for seniors to downsize to a smaller home when you take into consideration how much easier it could be to deal with less space. For some seniors, it makes sense to go from a single family residential home to a condo, for example.
Have you considered renting? Once you reach retirement age, you may want to do all those things you've put off, such as traveling, golfing, spending time with the grands or great-grands, and more. It's a lot easier to call the landlord or property management company when something breaks and needs a time-consuming and expensive repair than to do it yourself.
What home type suits you?
Most people will have had the opportunity to live in a few different kinds of dwellings by now, and you may already have your mind made up on the type of home you will be in the market for. Whatever type you go with, try to keep an open mind and consider all of the below options; you may be surprised at some you had not even considered previously.
Condos: If you were blindfolded and led into a condo, you may be hard-pressed to notice the difference in it and a single family residence. Condo living can mean anything from luxurious to simple and clean, and with a condo purchase can come several bonuses. Look for extra amenities like workout gyms, resort-like pools, group activities, and more. Some condo developments target older adults, where you are assured contact with like-minded people. You can leave yard work behind and often other maintenance duties are the responsibility of the condo association. You should take care, however, to find out ahead of time about any association dues or fees.
Townhouses: This type of home gives you the best of condo living with more privacy and an outdoor area. Often, these homes are on two or more floors, but single floor townhouses can also be found. The outdoor area is usually pretty compact but have enough room for a small garden, a fire pit, and outdoor furniture. If you must have a private outdoor space but want to downsize, a townhouse could be perfect for you. Another advantage of a townhouse over a condo is the parking situation. Some townhouses have parking right at the front door, and some even offer an attached private garage.
To get more information on what could be best for you, speak with your Realtor.Share