Tag Archives: buying a home after retirement

Buying Your First House After 60

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House buying is always an exciting process. Stressful but still exciting. The feeling of owning a property you can call your home is indescribable. Therefore, in this article, we chose not to pay attention to numerous homebuying myths, such as that buying a house at 60 years old isn’t a good idea. Instead, let’s focus on how you can fulfill your wishes now that you are financially stable and plan out your retirement. The following article shares tips for buying your first house after 60. 

Tips for buying your first house after 60

Moving homes, even if you were a renter for many years, brings significant changes. Thus, it can be difficult, no matter what your reasons are. For example, you might want to buy your first house because now is the right time or be closer to your family. 

For whichever reason you are purchasing a home, you can do a couple of things to make the transition seamless. For instance, hiring a professional realtor to find the best match for you and then hiring a moving company skilled at senior relocations to assist in this process is of extreme value. Then, with the right people on your team, each home buying and relocating will be as easy as possible since they have your best interests in mind.

So, without further ado, let’s look at the tips for seniors on their first homebuying adventure.

1. Hire a realtor 

First things first, you need to hire someone professional to lead you through the process. It’s worth keeping in mind that there’s a difference between a realtor and a reliable realtor. Also, you’ll want to make sure the one you end up hiring has credentials, so don’t be shy to ask them about those.

a realtor with a happy senior couple

Caption: Hiring a Senior Real Estate Specialist is beneficial when buying your first house after 60.

Alt tag: a realtor with a happy senior couple

If your agent is also a Senior Real Estate Specialist, that can only mean they undoubtedly know what they’re doing. This means they have completed training to specifically help people in the 50+ range successfully buy a home. 

2. Check your mortgage options

As a senior, you might have saved up enough money and decided to buy a house and pay in cash. It is an excellent idea if you are not tying up all of your money in the home. Additionally, paying in cash will make you a competitive buyer in the market.

On the other hand, buying a debt-free home isn’t a must. Purchasing your first house after 60 with a mortgage makes your assets liquid. You can still qualify for a competitive mortgage in retirement.

Luckily, there are helpful tips for each generation in the home buying process to help you understand how mortgage approval works when you’re not working. 

Finally, it would be wise to check with your bank or credit union if mortgage insurance is worth the cost of the premiums. It would be good to have this one, especially if you are risk-aware.

3. Understand your needs, don’t just go for what looks good

The houses you will consider greatly depend on your living situation, income, and plans. However, it would be wise not to be influenced by the property’s floorplan, size, convenience, or location. Instead, you will need to evaluate things differently as a senior buyer.

For instance, large houses might be appealing. However, you might quickly become overwhelmed by all the space you have to maintain after some years pass. 

4. Consider the future when buying your first house after 60

As a senior home buyer, your future will be focused on taking care of yourself instead of your children and family. 

Therefore, it would be a good idea to look for homes that can easily be remodeled. For example, you might want to look into houses that can be equipped with handicap-accessible features, such as ramps, lower countertops, and doorways.

At a minimum, a home appropriate for aging-in-place should have complete first-floor living with a wide doorway (wide enough for a wheelchair), ideally a step-free entrance, and be close to public transit and community resources.

5. Understand your budget

Apart from your monthly mortgage, you need to be aware of all the other costs. Some of the everyday expenses are:

  • property taxes
  • utilities
  • car petrol
  • medical bills
  • groceries
  • some other debts you might have
  • any potential repairs and miscellaneous expenses.

It would help if you considered all of these factors when home shopping in your sixties.

a man's hands stacking up on three piles of coins

Caption: You will need to think of all the expenses before committing to a home purchase.

Alt tag: a man’s hands stacking up on three piles of coins

6. Be realistic about your future health needs

When talking about finances, it would be good to consider what they will be like ten years from now. What type of needs will you have then? If the need arises, will you have the means to hire in-home caregivers? Will you need someone to transport you somewhere or take care of your lawn for you?

Even though we don’t think about the future in this way, it’s wise to be realistic when deciding on such a big step. The seniors who have a strong support system from their children and family don’t have much to worry about. However, sometimes the help of a loved one isn’t enough. For example, your house might need a professional repair, like converting your home to be wheelchair accessible. 

Therefore, it would be good to think about your finances in the future and how you will cover some unexpected expenses.

7. Determine your relocation

Finally, once you find the right home, the work isn’t done yet. The moving still awaits. The relocation specialists from Zippy Shell Moving and Storage NV recommend looking for a reputable company with experience in senior moving. Professional movers have the tools and expertise needed for heavy lifting, maximizing packing space, and transporting the items while ensuring safety.

Additionally, you can be in charge of handling your smaller keepsake items if you wish. However, the heavy lifting is best left to a professional to reduce any injury risks to yourself or your things. 

buying your first house after 60 means stability and more quality time with your spouse

Caption: Once you relocate, you can enjoy the process of giving the house your personal touch with your spouse.

Alt tag: buying your first house after 60 means stability and more quality time with your spouse

Final considerations 

To summarize, buying your first house after 60 isn’t impossible or that difficult. With the right people on your team who know all the tricks on homebuying, we are sure you will find a home suitable for you, your financial situation, and your future plans.

Meta description: If you’ve rented your whole life and now want to have a secure place to grow old at, here are the tips on buying your first house after 60!

Photos used:

https://www.pexels.com/photo/senior-couple-spending-time-in-yard-of-suburban-house-7728101/

https://unsplash.com/photos/jpqyfK7GB4w

https://www.pexels.com/photo/couple-sitting-beside-a-businessman-8815835/

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Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.

Buying A Home in Virginia After Retirement

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Buying a new home and moving for retirement is something that is pretty common in the United States. It also seems that it is something that almost everybody is doing nowadays. However, this process is something that will take some time and consideration. Buying a home, moving and starting over is exciting. However, it is also a task that you should take seriously. Think about your life now, and how it will change once you retire. What are the pros and cons of relocating? And starting fresh? Yes, starting fresh is possible even at the golden age. You’ve probably never had more money and time at your disposal. Now, you can finally enjoy life to the fullest. And you deserve it. Let us guide you through buying a home in Virginia after retirement process, and help you handle it the best way possible. You don’t only need it, you really do deserve it.

Reasons for buying a new home after retirement

We all have different reasons, however, we all have the main goal in common – we want to make our lives better, every aspect of it. And that is the main reason behind every home buying process. In Virginia, Japan or anywhere else in the world. We just want what’s best for ourselves and our loved ones. Retiring and enjoying your mature age comes with many benefits, and one of them – you will have much more time on your hands. Time to take charge of your life. And that sometimes means changing your surroundings and starting over.

Your family home might have served you for many years, but it’s probably not the right fit for you anymore. It might feel like an empty nest, or it might be too big now when the kids have moved out. Maybe you want to be closer to your grandchildren. We all have our reasons, however, investing in real estate comes with a great deal of work that needs to be done. Our number one advice for you would be to really think through your reasons. Make sure that they are good and reasonable ones.

Gathering the money

Yes, we need to mention and talk about this aspect when having a conversation about buying a home in Virginia after retirement. Your budget. It is real estate, and such investments don’t come cheap. That is why you need to really consider your budget, as well as your wants and needs. What are you looking for? And can you afford it? These two things can also be very different, so make sure you know your budget as well as your limits.

Calculate your budget. Look into your savings. Talk to your loaning manager and ask for some advice. Try to get all the information and advice that you can use to your advantage along the way. And also – don’t depend, but rely on professional assistance. Having someone who knows the real estate business to its core on your team is of crucial importance. Why? You will want to get the most value for your money’s worth. We all do.

Yes, you will want to hire a professional

As we have mentioned before, having a seasoned professional when buying a home in Virginia after retirement is your best option. It will save you some precious time, energy and even money. Hiring realtors or real estate agents sounds more expensive than it is. And their service, on the other hand, is much needed. Even though you might be buying your 10th house this time around, if you are not a real estate professional yourself, you will need some help for sure.

This market changes, without us even noticing. And in order to get as much value for your money, you will definitely need some advice and someone who can lead this whole process. Especially if you are coming from another state. Relocating from one place to another is stressful enough as it is, and moving interstate, well – let’s just say, there will be many things to consider when moving to another state. Let professionals assist you. It is the best thing you can do.

Decide what you’ll do with your current house

You will have to make this call, sooner or later. And even though leaving our old lives behind sounds fun and exciting, leaving all these memories behind as well can be harder than you might have originally expected. That is why you need to think about this move. And we mean – really think. Will you leave your old house to your kids? Or are you going to sell it?

Whatever you choose to do, make sure you do it fast. Letting time pass by won’t help you, and especially if you tend to get nostalgic. Allow yourself to enjoy your new beginning, and say goodbye to your old life. Leaving your old family house behind doesn’t mean you’ll leave all the people you love (or the memories you share with them) behind. It is just a property. And the sooner you start thinking this way, the sooner this process will become enjoyable. And you really want things to go smoothly, trust us on this one.

Set up your criteria

Your new home in Virginia needs to be perfect. It needs to meet your expectations and everything you have dreamt of all these years. Make a list of things that are a must and a list of things that are a no-no. You will have to make a compromise here and there, but there are still some things that are and should stay deal breakers. You deserve the best. And now, you can finally be picky.

Enjoy the process

Your real estate agent will lead the way, and all you have to do is to follow his or her lead. Of course, it is your house and you make all the calls, however, your real estate agent (or realtor) is there to do all the hard work. Buying a home in Virginia after retirement is something that you have waited for for so long. Make sure you enjoy it!

 Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Norther Virginia or even Maryland or DC, we are your Real Estate team committed to finding the perfect home for you! Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar, and in a timely manner. Pricing your home accurately, one of our area expert advisors will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available properties, please visit our website licatagroup.com