If you are a senior citizen and you are getting ready to sell your home and purchase a smaller place for your retirement years, there are a few different elements you need to carefully consider when looking at the housing market.
Consideration #1: Turnover
When you are looking at buying a home as a senior citizen, if you are early in your retirement years, you may be looking at purchasing a home you can live in for the next twenty or thirty years. However, if you are further into your retirement years, you are more than likely looking at buying a home that you will live in for a set amount of time.
You may want to move closer to your children at some point, or you may eventually need to move into an assisted living facility, which is why it is important to consider turnover in the neighborhood. Look into how quickly homes sell in the area. You are going to want to purchase a home in an area where you can easily sell the home when necessary.
Consideration #2: Demographics
Second, you need to look at the demographics of the area. As a senior citizen, you may want to purchase a home in an area where other people are in the same life stage as you. You may not want to move into a neighborhood where everyone is younger.
Be sure to find out what age group lives in the neighborhood if you are looking to move into a quieter neighborhood.
Consideration #3: Safety
Third, you need to consider the safety of the area you are considering moving into. You are going to want to make sure both the neighborhood and the neighborhoods surrounding the one you are moving into are safe.
As your mobility decreases, you want to make sure you are living in a neighborhood where you don't have to be constantly vigilant about your safety.
Consideration #4: Utility & Taxes
Finally, it is important to find out what your tax obligations will be and what the utility costs typically look like in the area. As a senior, you are more than likely on a set budget, which means you need to make sure the expected utilities and taxes for any home you are interested in purchasing fit with your budget.
A senior realtor can help address all your considerations and concerns, and they can help you find the right home for you to spend your retirement years in.
