6 Keys to Buying a Home For Seniors

Surprising Home Buyers

Often we hear constant barrages of millenials and baby boomers in regards to the housing market and the changes that have and are occurring in that market. However something that is unexpected and really helping the housing market stay afloat right now is the purchasing of homes by seniors. According to AARP, there are many seniors who purchase homes, even after retirement.

As great as this news is, when it comes to purchasing a home for seniors it can be difficult to find all the necessary living arrangements. To help with this endeavor a real estate agent is key! When starting to look for a home, there will be 6 important questions that need to be answered by your real estate agent that will give great insight into the homes capabilities for not only now, but down the road as well.

  1. What is the turnover in the area you are looking in? When it comes to seniors purchasing a home, it is not generally going to be a "forever home" situation. The property will be a short term experience generally, and in knowing this, it will be important to find out if the ability to sell the home later on will be easy. Make sure the area your looking in gives you confidence in the ability to sell the home when necessary.
  2. What is the demographic of the area? Most seniors are going to want to look into areas that house peers of theirs, not surrounded by a bunch of younger families due to the differing lifestyles and the environments that are concurrent with those lifestyles. Knowing the demographic of the location your moving into will be essential.
  3. How safe is the area? No matter the age group, we all want to feel safe in our own home and neighborhood. While looking for homes it will be important to know the neighborhoods safety capabilities. Most seniors will be living alone in their home, and because of this, it will be all the more important to know the home is a secure location.

4. Additional Fees. No matter what your investing in, it's always important to know of any extra fees before a purchase, especially when it comes to a home. Fees such as HOA costs can make up the majority of monthly mortgage payments and seniors need to be aware of what these fees are before setting their sights on the home. A good example would be retirement communities as their HOA fees and other additional costs are a common occurrence.  If there are HOA fees, be sure to detail what is covered in these fees, like sidewalk shoveling or any exterior maintenance.

5. How much are the property taxes and utility bills? Staying within the budget is necessary for most everyone, but seniors especially. Due to their general retirement, they cannot work anymore and need to be able to afford to live in their home. This means going beyond the paper and understanding the costs of all taxes and utilities of a home before purchasing the home.

6. Warranties on the property. Be sure to get as informed as possible on the homes your looking at before diving into the purchasing stage, this goes for all demographics. Seniors should look to see if there are any warranties on the current appliances in the home and if these appliances are new or on the verge of replacement. Seniors should also know of the condition of bigger tasks like the roof so these don't come as a shocker to your financial situation 2 months in. Senior homes should have little upkeep and work that needs to be put in, this will generally mean newer homes would be the most ideal.

Finding a home for a senior can be a grand undertaking, but with the right help and the posted questions, the process can move along easier and in a manner that is more secure for the senior. The needs must not only be met, but also held strong for the duration of their stay in the home.

Kontor Realty Group

If your a senior and your looking for a new place to call your own, give us a call at Kontor Realty! We keep you ahead of the curve so that your home is found in a timely manner and at a reasonable price!

Give us a call or send us an email and let us use our extensive knowledge to find you the property your looking for.

Phone: (612)567-1810

Email: yourplace@kontorrealtygroup.com

Leave a Reply

Your email address will not be published. Required fields are marked *