How to Buy Your First House Over 55

Owning your own home is a goal that everyone can aspire to, the freedom to make a space your own and get to know your community. There is no time limit to buying and moving into your first house, even if you are heading into your retired years. But while the process doesn’t change, if you are a senior there are some things you might want to consider before you start looking for your first home. How to Buy Your First House Over 55

While you can’t be denied a mortgage loan based on your age, it may be a big factor on whether you should get a house. There are several options of mortgages available like the conventional mortgage that you can pay off over the course of several years, and the reverse mortgage which is common for seniors. Unlike younger homebuyers, going for a 30-year mortgage when you are in your mid-70s could be risky. If something happens to you, your loved ones could be stuck with a lengthy loan. Before moving forward in the buying process, talk to an accountant about how much you can afford and set up auto payments to save yourself some stress.

Your health and needs are other factors to consider when looking for your first home. A sprawling two-story house with extra bedrooms might seem nice but if you have trouble getting around it might not be for you. At Sun City there is a floor plan to suit everyone’s needs, there are houses with two stories and single stories that range from 1200 to over 3000 square feet.

You should finally consider how long you want to stay in the house that you are considering. A house that’s lived in for five years or less risks losing the appreciation value without any long term investments or upgrades.

If having a traditional single family-style house isn’t quite what you had in mind, you can always look into condos or duplexes. Sun City has some duplexes but they aren’t always available so talk with an agent to see if that is an option for you.

Buying your first home as a senior doesn’t have to be a daunting prospect, this is a time where you want to feel secure but still keep your freedom. With homeownership, you have the security in knowing that your house can’t be taken from you and a place that you can make your own. At Sun City, you can experience the joys of your first house in a community of your peers with all the added amenities of living at a resort.

More: 7 Mistakes to Avoid when buying a house Sight Unseen

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Brian@RuggRealty.com 512-818-6700