Tips for Seniors Looking to Downsize and Purchase a New, More Manageable Home.
If you’re a senior who wishes to age in place – live your senior years in your own home as opposed to an assisted living community – there’s no reason you have to age in the same place you’ve lived for decades. In fact, downsizing to a smaller home may be the best way to make sure you can live independently for years to come. Here are some tips for seniors looking to make this strategic move to a new, more manageable home.
Know your financing options
In an ideal situation, you will be able to sell your current home and use the proceeds to pay for your new, smaller home. That’s the easiest way to finance a new home. Of course, many seniors do not have this path of least resistance open to them. Maybe you owe too much on your current mortgage, maybe you’re buying for the first time, or perhaps you don’t want to deal with the wait and stress of having your home sit on the market. Knowing you have options can ease the stress and make selling your current home a breeze. If you can’t just make a clean sell-then-buy transaction, you’ll need to shop around for financing.
It’s a myth that lenders are unwilling to give seniors new home loans. While it’s true that seniors struggle more than other age groups in providing lenders with a solid 2-3 year income outlook (many seniors are retired, living on a fixed income), seniors with decent income coming in and a good credit score can absolutely snag a traditional mortgage loan. One tip for making sure your credit checks out is to “keep your money where it is,” as HGTV says. Don’t make huge purchases or move your money from place to place in the months leading up to your attempting to secure a loan.
If a new traditional mortgage isn’t going to work for you, there are other options.
Know what to look for in a good “aging in place” house
Not all homes are going to be a good place for you to age. You must know how to accommodate your own lifestyle and be realistic about your limitations. Look for a home that’s flat, without a lot of stairs both inside and out. A single-floor home with every essential room on one level may be the best option. Check the lighting situation, the space of doorways and hallways, and whether the shower/bathtub is accessible.
One of the many reasons why buying a home is preferable to renting one as a senior is that it gives you more free range to make necessary modifications. All you really need to find is a home where the barebones structure is conducive to your needs. You can add ramps, handrails, and widen doors and passageways if need be – if you own your home. Try doing that in a rental property and see what happens.
Know what scams are out there and be on the defensive
It’s a sad fact, but the elderly are not only more likely to be the target of a real estate scam, but are also more likely to succumb to one. Be on the lookout as you move forward in the home buying process. Scams come in many shapes and sizes, for instance a scam in which a very interested buyer or motivated seller contacts you via email, offering a special link that winds up being malware. Less sophisticated – but nevertheless dangerous – scams may offer you “great deals” on properties if you “act now” and transfer a down payment or “holding fee”. To make sure that you avoid scams, it may be smart to hire the help of a realtor for all your home buying/selling needs.
Choosing to downsize into a smaller, more manageable home can be the key to being able to live the rest of your life comfortably and independently. When looking to purchase a new home, be sure to survey all financing options, make sure you choose a house that fits all of your needs or can be easily modified, and beware of real estate scams that disproportionately target seniors.
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