Buying a home after age 65 involves unique considerations whether you want to relocate or downsize. Understanding common concerns can help you make the right decision.
Evaluate important factors for senior home buyers for a smooth transition into this new phase of life.
Assess current and future needs
When contemplating a home purchase after the age of 65, take a holistic perspective. Think about what you need now and what you may need in the coming years.
Prioritize homes with design features that enhance accessibility. Single-story layouts, wider doorways and other modifications contribute to a safer living environment. Consider the level of home maintenance required and assess whether it aligns with your preferences and capabilities.
Consider the proximity of the potential home to essential services. Look for nearby healthcare facilities, grocery stores and public transportation. Access to parks, community centers and other amenities can contribute to a fulfilling and socially active lifestyle during retirement.
Review your budget
Evaluate your budget for a new home. Account for retirement income, savings and potential healthcare expenses. Before buying a property, ensure you can sustain the cost for the life of the mortgage.
According to U.S. News and World Report, the average American has a monthly income of $4,989 from ages 65 to 74. After 74, the monthly average increases to $3,601.
Plan for the future
While purchasing a home, consider its resale value. A property with growth potential ensures flexibility and financial security. This can help you to adapt to changing circumstances in the future.
You may also want to seek professional guidance about the financial impact of buying a home. For example, the purchase could have implications for your estate, your taxes or your retirement income.
Incorporate long-term goals into the decision-making process. Aligning the home purchase with future objectives supports healthy adjustment to retirement.