When purchasing a home in any stage of life it is good to look into your future. What will your life look like in the next years? How do you want to live? What home is going to enable you to live life the way you want or need to?
Home Buyers over the age of 60 are looking for many different things in a home just the same as any home buyer. For any home buyer, looking at the lifestyle you will be living and how your home fits into that is a good way to find just the right home for you. When thinking about these things where should you start? There are many things that are important to home buyers over 60.
Real Estate agents who work with a lot of buyers in this age bracket find that many of them are looking for homes in 55 and older communities where they can find social activities and the opportunity to make new friends with the same interests. Some buyers look to warmer climates where they can enjoy year round activities. One real estate agent in Tampa who has worked with buyers over 60 for many years says that buyers want to purchase a lifestyle; they want to live life to the full, it’s their time now. Below are some of the top lifestyle considerations home buyers over 60 have when purchasing a home and some things to consider.
[Read More: 5 Things to Consider Before Buying a Condo in PCB]
If you want to continue your active lifestyle as you purchase a home maybe you will want to consider finding:
- A community with hiking, biking and walking trails or in walking distance to the park
- A home within minutes of the airport or train station allowing you to travel with less hassle
- Space for a home office to be able to continue work from home
- Shorter commute times to hot spots and work to ease you into a less stressful mode of life and give you more time to do what you love
If you are looking to move to another part of the country for better weather, a fresh start, adventure, etc. You may want to look for:
- A town where family or friends are nearby to spend time with and help in an emergency
- Over 55 community where there are more opportunities to make friends your age by joining in social activities
- Climate- what is your idea of the perfect weather to continue your lifestyle or live the way you want in the coming years?
- A university town is a great place to enjoy culture and arts, engage with an intellectual community or take in a lecture
- Nearby things to do and amenities. Public transit if you do not have a car, healthcare facilities, shopping, restaurants, things within walking distance, parks, Etc.
[Read more: Creative Financing for a Second Home]
Maybe you are concerned for your health in the coming years, natural aging, or mobility issues. Here are some things you might want to consider in purchasing your next home:
- A home with one story, no stairs or uneven flooring
- Upgrades and thoughtful design- smaller elements can do wonders to help in ease of lifestyle, like door levers instead of knobs, grab bars, or a walk-in tub or shower
- Maybe not a one story home but a low maintenance townhome that has the master suite on the ground level so you need to use the stairs less frequently
Finances are a big thing to consider as you move forward with your life and a top concern of many. If you want to make your next home purchase decision based on your financial needs, here are some things to think about:
- Find a good mortgage-remember you don’t have to settle for the first thing offered to you, shop around with the help of a trusted agent or friend to find the best loan for you
- Reverse mortgage- approach this one with caution and lots of advice, this option may allow you to buy with cash and equity from your present home to save on closing costs
- Single family home or a condo/ villa with monthly fees – these fees can get expensive but include useful services like maintenance, landscaping, and community amenities
- Manufactured or modular home-sometimes these properties are less expensive and still offer community amenities such as in a mobile home community
One thing that is increasing in home buying is multi-general homes. Maybe you want to purchase a home so that you can live with or in close proximity to your children or older parents. Here are some options for multi-generational living:
- Property with an ADU or accessory dwelling unit- some people refer to them as granny pods, basically a smaller dwelling/ guest house on the property of the main home. This is a growing trend in cities especially in historic You may even consider a home with a larger yard to build one of these low-cost dwellings, but be sure to check building regulations to see if it is an option
- Mother-in-law suites- many new homes have two master suites or even a whole area of the home that seems kind of separate and fully livable like an attached tiny apartment so you can have your own piece of home and privacy. It is also possible to renovate homes with basements or attic space. Again you will want to check of this is a possibility before you purchase
- Guest suite on the main level of the home – this may be a more desirable bedroom placement for parents
Above all else before you purchase a home in your 60’s or at any age you want to sit down and write out what it is you really want out of your life and a home to support it in the coming years. Once the list is completed, put them in order of importance the top of the list should be things you will not compromise and the bottom of the list will be things you would like to have but are not mandatory.
Once you know what you want from a home you can hire an expert agent to help you find the home that best fits your needs. For more information on finding a great condo in Panama City Beach please browse our website or contact us anytime; we are here to help!