House Buying Tips As You Age

As you age, your criteria for buying a home also changes and if you keep these house buying tips in mind when you make your next home purchase you will have freedom to choose the lifestyle you want for years to come. Although we wish we could be young forever, in reality, we need to plan for the future. If your next purchase is going to be your final home, then here are several items you should consider before you make your next purchase.

You will often hear the phrase “aging in place”.  Translation: I want to live in my own home as long as possible. So, if you want to stay in your own home as long as possible, then you need to plan your next home purchase the same way you plan for retirement.

Before you make your next purchase, consider these house buying tips:

Maintenance Free or Do it Yourself?

Do you want to move into a property where all the exterior maintenance is handled by a third party such as the Homeowners Association (HOA)? If you go this route, you need to be sure the community you pick provides exterior maintenance service for your home, not just the common areas of your community. A word of caution, work with an agent so you have a good handle on ALL of the fees and services provided within each community.  For example, there could be neighborhood HOA fees and a community wide association fee.

Or, do you still have the desire to mow your own lawn, pick your own weeds, clean your own gutters, power wash your lanai or clean your own pool? If you prefer to handle all of your own maintenance, then you should consider a community without home owner association fees or one that has low fees and provides minimal maintenance.

Do you want to deal with stairs?

If you are downsizing, do you want a smaller home or would you prefer to purchase a condo? The answer may depend on the lifestyle you want to live.  Depending on the area, you may have to sacrifice size for location.  Do you want a small condo with a fantastic view of the Gulf of Mexico so you can watch the sunset every evening?  Or, perhaps you’re ready to purchase your dream home and you are looking for a luxury single family home. What ever situation is right for you, make sure you have considered these options when looking for your next home.

Location, location, location!

How important is it to you to be close to the grocery store, shopping, dining, entertainment, beaches or perhaps other activities such as boating, golfing or tennis? For many, the older we become, the more likely people will begin to consider the importance of easy and quick access to activities.  Do you really want to drive 45 minutes to the beach or do you want to walk out your backdoor? Or if you need to go to the grocery store, do you want it to take an hour to get there and back? Perhaps convenience if more important to you and you’d rather just walk across the street.

What type of amenities are important to you?

Do you want to live in a country club atmosphere with access to a golf course, tennis courts, bocce ball, pickle ball, fitness center, dining and more? Or, perhaps you would prefer to be away from all the hubbub and you’d like a home on a large piece of property.  Either way, you need to consider what amenities are critical to have within walking distance or just a short drive away.

Cost of Living

You probably fall into one of two categories.  You are either on a strict budget or you have saved your whole life and now ready to live life to its fullest and money is no object.  Either way, you need to understand your monthly obligations of the home you are living in and how comfortable are you with the costs?  Fees may or may not include a mortgage, utilities, insurance, home owners association fees, membership fees and taxes. Take all of these factors into account when you make your next investment in a home.

Age and condition of the property

The newer the home, the less repairs you’re likely going to need to make.  Do you want to buy new construction or would you rather invest in a property that you need to remodel? Do you have the funds to pay for major repairs if the home is older?  Also, in some cities, such as Naples, older homes have significantly higher insurance rates due to older construction.  Whereas newer homes built after 1995 where held to a much higher standard for building codes which include mandates for hurricane windows and doors. Are you comfortable paying the higher insurance rates?

Ultimately, if you consider what your needs will be in the future when purchasing a home now, you will likely put yourself in a position you can decide to stay in your home as long as you want or if you prefer, relocate to a retirement community.  I encourage you to follow these house buying tips for your next home purchase.

May 20, 2018 Posted by Matt