Many people may not think that buying a home at age 60 is a good idea. This, however, is not true. Buying a home is a personal decision and there are many factors that go into determining if buying a house at any age is the right choice for you. If you’re age 60 and over, here are some major things that you may need to consider before you decide whether or not you should buy a home.
Finances are a major factor to consider when deciding to buy a home. When you are around 60 years old, you likely have a lot more savings than you did when you were in your twenties. If this is the case, you may have a lot to put towards a down payment and closing costs. This could end up making your monthly payment very low and much more affordable than renting. If you have enough money to afford these costs and your monthly payments, this may end up being a great financial decision, especially if you plan on living in the home for a long time.
Another factor that is important to consider when looking to buy a home in your sixties is the amount of home maintenance that your home will need. As you age, it may become difficult for you to perform all necessary home maintenance and lawn care chores. This may result in you needing to pay a helper or handyman to help.
If you are going to consider buying a home in your sixties, you may highly want to look into new construction that will not require a great deal of maintenance. The older a home is, the more work it will tend to need. If you can find an affordable, newly renovated home with a small lawn, this may be a great option.
No Rent Increases
When deciding whether to buy or rent in your sixties, you need to take into consideration rent increases. Many people in their sixties are living on a fixed income and cannot afford changes to the rent. Many apartments can increase and do increase the rent each year. This often makes it too expensive for many people as they age.
Owning a home is different because you are likely going to pay the same amount each month for life. With only small changes to taxes, your monthly payment will remain relatively constant. This makes it a good option for people living on a fixed income.
Ability to Renovate As Needed
When you own a home, you have the ability to renovate it as needed. You can change the paint color, add light fixtures, and change the flooring. More importantly, you can make the home more mobility-friendly. As you age, you may require railings, wheelchair ramps and other features. You can change these as needed if you own a home, but you may be forced to move if your rental apartment cannot accommodate you. This is something that all people over the age of 60 need to consider.