Most people believe their first home should be bought when they are young and new to the adult world. In reality, it is very common for people to purchase their first home later in life when they are more financially stable, or ready to make the move from renting to owning. Whatever the reason may be, SETCO’s Title Professionals are more than prepared to help our clients of all ages navigate their first closing.
An important thing to consider when buying your first home is whether you plan to stay in that home as you get older or whether you will move again, if it is the former, it is essential to make sure that the house will accommodate your needs as you grow older. Condos can be another option for older people looking to buy because they are usually more affordable and easier to maintain.
It is crucial when buying a house to make sure that your savings and withdrawal rates can support mortgage payments and the many other costs that come with purchasing a home. With people living longer, working longer, and having a steady income in retirement, people are feeling more comfortable to take on a mortgage in the senior years. The percentage of homebuyers age 55 and older has more than doubled in the last 15 years to 38 percent.
A big reason people do not move is that rent can often be more affordable than having to make monthly house payments. There are many stories of older men and women who have rented their whole lives and later decide to make the jump and purchase a house. Although it is a big jump, many have said how worth it is. Taking the steps to own a home could be brought on by impending retirement.
No matter what age, SETCO is prepared to walk our clients through every step of the way. Our team of Title Agents are well trained to make closings easy. They will help our senior clients find the home, or condo, that will best suit them for the rest of their lives. Just because you are older does not mean that you should not invest in a home, it could be the best decision of your life.