Finding That Perfect Place: A Home-Buying Guide for Seniors

Finding the right retirement homeBuying a home in today’s market can seem intimidating, but it doesn’t need to be. With the right amount of research, planning, and some professional assistance, you can make the process much easier. Here is what you need to know when buying a home as a senior.

Find the Right Home

When looking for the perfect home for retirement, there are many things you need to consider. You should look for areas that have affordable housing, low levels of taxation, and whatever personal aspects that will make you happy. That could mean being in the vicinity to a beach, having access to good health care, or being close to family. Don’t forget to check on the crime rates, cost of living overall, and access to the leisure activities of your choice. Remember, this is the perfect time to indulge in all the things you have wanted to do but have been too busy to manage. However, make sure whatever it is you’re seeking is well within your price range.

Plan Your Finances

There is much to consider financially before making an offer on a home, including how much house you can realistically afford. You shouldn’t pay more than 30 percent of your total income on any mortgage, should you have a mortgage. Base the home’s price range on your annual income while also thinking of your monthly spending. Take into account that, on average, you will need to put down 20 percent of the total cost as a down payment.

Most mortgages are 30-year loans with roughly 4 percent APR, but there are other options. Depending on the size of your down payment, you may opt for a shorter loan. There are online calculators that can help you determine your specific affordability. Make certain that, whatever you do, you shop around before deciding on a loan. You may love your bank, but another institution may give a better interest rate. After all, you do not want to be encumbered with a large amount of debt while on a limited income.

The Professionals

If you feel stuck or overwhelmed by the starting process, don’t hesitate to reach out to a mortgage broker. They can be invaluable in helping you decide what you can afford, what sort of costs you can expect overall, and the best type of loan for your situation. If you need assistance with the actual moving process, there are people available to help. Especially if you’re downsizing, a professional organizer may prove invaluable. They can help you not only sort through your household items and pack but also decide what you can let go of.

Needless to say, if you don’t have any friends or family that own a large truck, hiring movers may be the best option. Ask your friends whom they have used, research each company’s reputation, and get multiple estimates to find a good price. At the very least, ascertain whether they are insured or not and if they have a license.

Moving Day

To have an easy moving day, ensure that your valuables and personal data are secured and travel only with you. Have things packed and ready to go beforehand, and in boxes that are clearly labeled. The last thing you will want to do after a long move is search for every item you need. By labeling clearly, you can make sure each box goes into the correct room of your new home to make unpacking easier. Stay hydrated and well-fed during the day itself. This will help keep your energy levels up and moods high. Despite the excitement and anxiety associated with a move, do try to get a good night of sleep beforehand. Being well-rested will make everything easier, give you more energy, and help you focus throughout the day.

Moving can be stressful, but also cathartic. Find your perfect retirement house, prepare for your move, and get there smoothly by following these easy tips. This is your time to live your best life, after all. Retirement is the perfect opportunity to experience all that life has to offer.



Image Courtesy of