Seniors Say: Why We Buy, and What We Look for in Real Estate

The average age of a first-time home buyer keeps getting higher. The trend has turned into a tectonic shift. Today, it’s not the slightest bit unusual for a buyer to reach 55+ before getting that first deed.

You or someone you know may be in this position, and it might help you to know you’re in good company. Here, we talk about why seniors decide to become deed holders, and what they look for in real estate.

The Benefits of Buying a Home as an Older Adult

Letting home equity grow: it’s a slow and steady route to financial strength. This is true for older adults, as for younger generations.

Older adults may be more comfortable putting down roots than they were in their younger years. And that’s fine. For building equity, there’s no time like the present. And mortgage lenders welcome older adults as borrowers, as long as they have strong credit profiles and can prove their ability to repay the loan. 

Home equity becomes a base for safe, healthful living at retirement age and beyond. It can be leveraged to furnish a comfortable setting to age in place. An owned home is a home that can be counted on, with predictable costs.

And it can be a treasure, ultimately, to give to the next generation.

Granted, holding a deed also comes with costs. Upkeep, repairs, and homeowners’ insurance. And if the deed holder ever does decide to move, it’s a big job to sell a home. Many older adults decide the benefits outweigh the costs — but it all comes down to a personal decision.

Buying a home may offer tax perks. A taxpayer has an option to itemize and put a year’s worth of mortgage interest to good use as a tax break. As you plan to acquire a deed, speak with your tax pro about maximizing your available tax advantages. 

What Do Older Adults Want in Their Homes?

For those on a mission to buy, what do older adults want in a home? Those hoping to stay in the home for the long term have accessibility in mind, including:

• Single-floor homes with wide doors and flat walkways.

• Smooth, easy-to-clean flooring.

• At least one walk-in shower.

• Shops, restaurants, and healthcare offerings nearby.

• A safe, neighborly community.

Seniors are well-advised to ask themselves how they are likely to feel as a person ten years older in the home they’re thinking of buying today. That question has no one-size-fits-all answer. Abilities, habits, and passions differ from buyer to buyer.

How Are Housing Developers Adapting?

Stephen Samuels is VP at Volunteers of America, which connects seniors of modest means with housing. Samuels is meeting the needs of seniors in new developments, and learning what conveniences really matter.

Buzzards Point, a new D.C. redevelopment initiative, has ample offerings geared for older adults. Samuels says the development — to include ground-floor shops, eateries, and entertainment venues — will integrate home life and health. The idea is to support those older adults who plan to age in place.

One of the innovations allows the customer to operate the front door, and even see who’s on the other side, from a smartphone. Then there’s Ping Cares — a simple smart watch with just one job: to make emergency calls if needed.

Most city seniors live alone, says Samuels. They’re looking for community. They value safety. So, a condo property could fit the bill. Condo prices are relatively accessible. Condos designed for older adults offer regular maintenance support, yard care, annual safety inspections… Many have recreational amenities, too.

While a condo buyer just gets the deed to a single unit, it’s ownership. It’s equity. So, it might just be the Goldilocks situation: just right for you.