Purchasing Your Dream Home: A Checklist for Senior Homebuyers

Photo courtesy of Pixabay by eberhardgross

These days, there’s no reason to fear getting old. People are living longer than ever before. Retirement age now encompasses the huge age range between 65 years and 100 years old. Best of all, experts now believe there’s little difference in quality of life between those in their Golden Years compared with those who are middle aged.

For many seniors, the possibilities for enjoying retirement are endless. You can finally relocate to your dream home. Or, if you’re an empty nester, you might want to move into an RV and travel now that the kids are grown. If you (or a loved one) are a senior who’s interested in purchasing your dream home during retirement, keep reading.

Here’s a handy checklist for some things you should consider when planning your big move:

  1. Purchasing Your New Home
    As a senior homebuyer, you may qualify for grants, affordable housing, and other forms of assistance. In addition, if you have any disabilities or other medical conditions, you might qualify for special assistance programs specifically for disabled homebuyers. These are just a few of the many services available to assist homebuyers during their retirement years.
  2. Overcome Financing Challenges
    When it comes to financing your new home, the advice for seniors is similar to the advice for people of other ages. First, you’ll want to start by determining what you can (and can’t) afford. Do an inventory of your cash flow. Determine your expenses each month, and estimate how much your new home would cost you. When budgeting, be sure to include estimates for mortgage payments, homeowners insurance, taxes, and money set aside for repairs or emergencies.Many seniors have difficulty saving up for a home purchase. In addition, if you’re credit is bad, you may have trouble financing your new home. Luckily, there are many available programs offering aid for homebuyers. Many of these programs specialize in senior homebuyers as well as first-time homebuyers. If financing proves difficult, government grants might be an excellent option for you.
  3. Finding Help During Your Move
    Okay! You’ve found your dream home within your budget. You’ve secured your grants and financing. Now you just need to plan your moving day!Seniors have many options for finding assistance during a big move. Of course, the first and most obvious choice for moving assistance might be your family, friends and loved ones. Unfortunately, this isn’t always an option for everyone. If you don’t have loved ones to help you with your big move, you might also consider hiring a professional moving crew to assist you on your big day. In addition to reducing the chances of injuries or damaged items, professional movers can reduce your levels of stress for a worry-free moving day.

There is something empowering about purchasing your own home during your Golden Years. What are you waiting for? It’s never too late to take a vacation, build (or buy) your dream home, and start living the life of your dreams. Hopefully, the tips above will be helpful as you start this exciting new chapter of your life.

*Blog by Jim