You’re never too old to buy your first home. And this is exactly what some seniors are doing. The kids are raised after years of saving, careers are over or stable, and now is the time to buy their first home. And it’s just as exciting to buy a home when you’re 75 or 25.
Consider Location Real Estate partner and broker Aaron Bowers’ 75-year-old buyers. What led this couple to finally take the home-buying plunge? According to Aaron, the couple retired to Lincoln to be near their kids and grandkids. Mr. Buyer was in the military, so the buyers had spent a marriage in military housing and rentals. They found a lovely ranch home with finished basement that suited their lively grandkids just fine. They were thrilled to be able to decorate as they pleased, and even more pleased with an attached garage and a home for tools.
There are some key questions for older home buyers. For example, do you plan to age in place, and can the house accommodate changing or current needs? Is the home affordable? If you’re paying cash, how does this affect your financial future? If you’re getting a mortgage, how do the monthly payments affect your finances? And if the buyer is retired, how does your monthly income tie into your home purchase? A good mortgage lender and financial expert can help navigate the waters.
According to the National Association of Realtors, home buyers from ages 72–92 make up 6% of the market. These homes include detached single family, condos, townhomes and senior-related housing, with detached single family making up the smallest segment.