Are you in the market to purchase a new home? If you are, and you are considered a senior, there are some things you may want to consider before you move. Moving is a big deal and if you are in the market for a new home it needs to fit your needs today but also down the road as you age. Here are the top five things you should keep in mind as you look for new home.
Ranch style home – For older Americans a home with a ranch style layout makes a lot of sense. If you are unfamiliar with what a ranch style home is, it is a home with a single level living area. Some ranch style homes have basements and some do not. The ranch style makes the perfect sense for people who do not want to deal with stairs every day.
Location – When looking for a new home at any age the most important thing to consider is location. For seniors a good location could mean being closer to family or friends. It could also mean closer to stores or health care facilities. Another option for seniors when it comes to location is senior communities. Senior communities are different than assisted living communities because you are not assisted in your home but the neighborhood is made up of all seniors.
Senior specific amenities – These amenities could pertain to the bathroom or other areas of the home like the kitchen. Let’s face it, as we age it becomes difficult to do certain things around the home like getting in and out of the shower or cooking in the kitchen. When you are looking for your new home look for bathrooms that have plenty of hand rails in the bathroom and easy to access bathtub. Addressing the issue now will help you save money from having to do remodels later on down the road.
Size – When it comes to finding the perfect home, seniors should look into downsizing. Typically seniors are moving out of larger homes that have multiple bedrooms. With a smaller size home seniors can expect to have lower bills when it comes to heating and cooling. Not to mention a smaller home will make it much easier to clean and maintain.
The perfect home – The home you are looking for will likely be the last home you live in. You want to make sure it is perfect. Does the home have exactly what you need as you age? Is there enough space? Does it have everything you would want?
Coming soon to One Reverse Mortgage is the option to purchase a home with a reverse mortgage. What that means is you can sell your current home and use the proceeds from the sale of your old home to purchase a new home with a reverse mortgage and move into your new home without having a mortgage on the home. When you purchase a new home with a reverse mortgage you need to have approximately 40 percent as a down payment. However, the older you are the less you will have to put down.