{"id":2431,"date":"2022-08-26T10:00:00","date_gmt":"2022-08-26T14:00:00","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=2431"},"modified":"2024-04-25T23:18:41","modified_gmt":"2024-04-26T03:18:41","slug":"what-todays-senior-home-buyers-should-know","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/what-todays-senior-home-buyers-should-know\/","title":{"rendered":"What Today\u2019s Senior Home Buyers Should Know"},"content":{"rendered":"\n
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\u201cWhat Are My Options?\u201d<\/figcaption><\/figure>\n\n\n\n

Retirees and seniors are active in the U.S. real estate market \u2014 and everything else! Turning 65 once meant retiring on a pension. Today, for many, it means financial independence, self-actualization, and enjoying life for a few more decades.<\/p>\n\n\n\n

How does this impact an older adult\u2019s real estate plans? Is it better to rent or buy? And if buying is better, what type of home makes sense?<\/p>\n\n\n\n\n\n\n\n

Renting: It\u2019s a Good Choice for Some, But It\u2019s Not Everyone\u2019s Cup of Tea.<\/h2>\n\n\n\n

Some seniors sell their houses and move into rental properties, and have excellent reasons for doing so. Yet many others buy. Renting isn\u2019t as cheap as it used to be. Buying a house can be cheaper than renting<\/a>.<\/p>\n\n\n\n

Older adults can qualify for mortgages based on retirement income. A fixed-rate mortgage is a substantial benefit when inflation is rising. Planning to buy and hold five to seven years or more? If so, buying a home can pay off in equity, as a house becomes an asset \u2014 maybe even collateral for a new loan.<\/p>\n\n\n\n

Renting leaves future questions open. After all, a renter\u2019s right to live in a place is limited by the rental agreement. And renters who\u2019d like to age in place might not be able to install age-friendly home features.<\/h1>\n\n\n\n

Whether you decide to rent or buy, it\u2019s good to think ahead. Ground-floor living could make sense. Nearby public transportation could come in handy. Arts and education, and natural spaces for walks, are all good to have.  <\/p>\n\n\n\n

Selling Your Current Home? Help Is Available.<\/h2>\n\n\n\n
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Professional support with painting, renovations, and staging can make all the difference in the price you fetch for your current home. Plus, it can avert the pain of marketing a home that\u2019s not looking its best. As in: OMG! Everyone can see my home on the internet<\/em><\/a>!<\/em><\/p>\n\n\n\n

Consider hiring a concierge service. With this service, an agent will tour your house and quickly spot the upgrades most likely to pay off in your home\u2019s final sale price. The broker will advance the funding for interior cleaning, aesthetic touches, repairs, new appliances, and other high-impact upgrades. Then the work will be done. When the home is sold, the brokerage gets reimbursed by the seller.<\/p>\n\n\n\n

Compass<\/a> is an example of a brokerage with a concierge service for house and condo sellers. It also has bridge loans<\/a> to help a seller leverage home equity and handle the financial feat of buying one home while marketing another.<\/p>\n\n\n\n

No matter what broker you choose, it\u2019s a good idea to get someone who comes with trusted recommendations.<\/p>\n\n\n\n

Do an online search for \u201csenior moving services\u201d near you, and \u201csenior discounts\u201d with \u201cmoving companies\u201d and you\u2019ll learn more about how to relocate your furniture and personal belongings.<\/p>\n\n\n\n

\u261b Selling and buying at the same time? Read these tips on <\/strong><\/em>How to Sell Your Current Home While Buying the Next One<\/em><\/strong><\/a>.<\/em><\/strong><\/p>\n\n\n\n

Downsizing From a House to a Condo? The Senior Co-Op Is Also an Option<\/h2>\n\n\n\n

You might want a smaller house. You might want a condo. But there\u2019s more to consider. Such as co-ops. They\u2019ve long been a standard in New York City. Now, they\u2019re on the rise in cities throughout the country. If you like the idea of living in a self-directed community, co-op living could suit your style.<\/p>\n\n\n\n

Senior co-ops<\/a> strive to empower their residents and preserve seniors\u2019 money. The residents hold the shares, so they create the rules and policies.<\/p>\n\n\n\n

\u261b<\/em> If you buy into a co-op, will you hold a deed? Here\u2019s how <\/em><\/strong>buying a co-op property<\/em><\/strong><\/a> works.<\/em><\/strong><\/p>\n\n\n\n

But are co-op units harder to sell? Residents may \u2014 subject to the board\u2019s go-ahead \u2014 transfer their shares in the co-op to others. If you\u2019re buying into the co-op model, find out whether you can bequeath your shares through your will.<\/p>\n\n\n\n

Homes in a 55+ Community: A Good Option?<\/h2>\n\n\n\n

Homes in 55+ developments are designed for seniors. Prices and association fees can be similar to that of ordinary condo units.<\/p>\n\n\n\n

While an over-55 community is much like a condo property, there are the age rules. Curious about how these age rules actually work? In general:<\/p>\n\n\n\n