4 Reasons to Buy A House Later in Life

Posted on June 3, 2016

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The following is a guest post from Debra Lewis.  Since Life in the Boomer Lane is a Realtor and, since she often has older clients, she appreciates that age should never stop anyone from purchasing the house of their dreams. The purchase can be a single family home, a townhouse, a condo, or a place in an over-55 community. 

If you cringe at the thought of an over-55 community, know that these communities have grown up, along with boomers. Many are now more like resorts, that cater to active lifestyles. A cousin of LBL’s bought a property in an over-55 community, about 10 years ago, so that her mom could live with her. She, herself, didn’t feel that she was ready for that kind of lifestyle. But she left her townhouse, moved her mom out of her apartment and they both moved into the over-55 community. Her mom lived there for a couple weeks and declared that she wanted to go back to her old apartment. She did. LBL’s cousin now found herself in a community she hadn’t anticipated lving in. The upshot was that she found that she loved it. And, thanks to her mom, she continues to do so.

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Buying a new house later in life is an exciting way to start a new chapter of living. If you’re looking for a bit of home-buying motivation, here are four great reasons to purchase a house in your older years.

You Can Downsize

Now that your kids have moved out, you no longer need three or more bedrooms, an oversized living room, and a huge backyard with a play area. Use this time in your life to downsize to a space that’s more manageable — and more in line with your needs. You’ll likely want a house that’s easy to care for, but that doesn’t mean that you have to skimp on luxury.

Search for modern, open-concept homes with high-end finishes, rich amenities, and ample storage space. You can even choose extras like multilevel countertops and raised dishwashers if you have any disabilities.

You Can Start Over

Buying a new home in the latter portion of your life gives you an exciting opportunity to start over. After all, you’ve been through enough in your younger years, and your current home likely reflects these experiences. Moving lets you leave behind old clutter, worn furniture, outdated decorating choices, and clothing that no longer fits. It also gives you the chance to purchase the home you’ve always wanted — and the freedom to decorate it exactly as you see fit.

You can make the process easier by working with a reputable home builder who understands the importance of finding a home later in life and who can help you transition seamlessly. 

You Can Move to a New Area

You love your neighborhood. You’ve loved it for years. But if you’re ready for a change in lifestyle or want to be closer to friends and family, this is the perfect time to pack up and move. Consider a warm location like Florida, where many newly built homes boast superior construction, or pick a master-planned community that’s close to your current address. These areas often provide amenities like pools, clubhouses, and tennis courts.

If you’re not quite sure where you want to move, consider buying a second home that you can eventually convert into your primary one. This will give you a good opportunity to “test drive” a neighborhood. You won’t be alone — the resort and second home market has increased by 57.4 percent as increasing numbers of baby boomers use this strategy.

You Can Finally Go for It!

It’s never too late to buy your first home, even if you are in the later stages of your life. You may be in an unstable rental situation, on your own for the first time, or simply ready for something new. Whatever your reason, don’t rule out buying a new home — especially if you find a good deal. Start by determining what you can afford, then search for homes that fit your budget and preferences. After you find a house, celebrate your accomplishment! Then work with a financial advisor to map out an estate plan.

There are many great reasons to buy a new house later in life. From downsizing to starting over, you’re never too old to purchase a new home.

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