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What to know about buying a home after age 50

On Behalf of | Sep 7, 2017 | Residential Real Estate

In 2016, 30 percent of first-time home buyers were people between the ages of 52 and 70. Although it may be possible for older Delaware residents to buy a home, it may not necessarily be the best decision. First, older buyers need to make sure that the home they buy will fit their needs as they age. For instance, it may not be a good idea to buy a home with stairs if a person can’t climb them.

It should also be in an area that fits a buyer’s lifestyle. Ideally, a buyer will spend time in that area before acquiring a property to live in for the long term. Those who don’t like to do a lot of maintenance may also want to look into the cost of having someone mow the lawn or take care of other tasks. As with anyone looking to buy a home, financial factors will also need to be considered.

In 2016, 68 percent of buyers between the ages of 62 and 70 used a loan to buy their homes. Therefore, it is important to know that making a mortgage payment won’t interfere with the ability to retire. In addition to the principal balance of a home loan, individuals should consider the increasing cost of taxes and homeowners insurance over time.

Well before the real estate closing, it may be a good idea to meet with an attorney to go over the terms of the home purchase. It may also be a good idea to talk with a financial adviser about the overall cost of a home purchase including paying for homeowners insurance, taxes and possible homeowners association fees. This may help people stay on track to retire or save enough money to pay for health care costs later in life.