Special Considerations for Seniors Purchasing a Home

 Posted on June 13, 2024 in Residential Real Estate

It might surprise you to know that in 2023, Baby Boomers (those born between 1946 and 1964) made up the largest percentage of home buyers at 39 percent. This older generation edged out millennials to take the top home-buying spot. With today’s high interest rates and overpriced housing market, homeownership is getting tougher for all generations. While some can make homeownership a reality despite these issues, many younger Americans are being pushed out of the market entirely, with the typical age to buy a first home now sitting at 36 years old.

This means if you are in the market to buy a new home and you are a senior citizen, you are in good company. That being said, there are issues you need to consider now that might not have been on your radar when you were younger. Before you sign on the dotted line, you must speak to a knowledgeable real estate attorney. This is not a time in your life when you can afford to make any financial missteps; your Illinois real estate attorney will look over your proposed real estate transaction to ensure you are making a sound financial purchase.

Examine Your Motivation for Buying a New Home

There are many reasons you may be considering buying a new home. Perhaps you want a smaller home that is easier to maintain. Maybe you want to spend your golden years in an entirely different part of the country. Downsizing may be a financial necessity, or you might want to live closer to your grown children or grandchildren. Many seniors value the pride of home ownership over renting or may assume buying a home is a better financial move.

Maybe you are not entirely sure of your motivation for buying a new home. If this is the case, now is the time to think about why you want to change homes—or zip codes. Depending on your unique circumstances, renting a home could have some surprising perks such as less maintenance, more amenities, fewer “surprise” expenses, and less of a commitment. Think carefully about why you want to buy a new home, then if your decision hasn’t budged, take a look at the special considerations for seniors buying a home.

Some Special Considerations for Seniors Buying Homes

If your mind is made up and you want to buy a new home, consider the following:

• How long do you realistically expect to stay in this new home? If the answer is fewer than five years, the costs associated with the transaction could effectively wipe out any potential home appreciation benefits. 
• What does the new area have to offer that your current area does not?  
• What type of home makes the most sense for you now and in the future? Now might be the time to consider a condominium, townhome, or something similar.   

How Will a New Home Fit into Your Future?

As tough as confronting your mortality can be, consider how your new home will fit into your lifestyle in 10 or 20 years. Choose a home that will be adaptable for aging-in-place and one that lends itself to necessary home improvements. What it looks like to buy a home now and in the future will vary, but one consideration is stairs. Your 60-year-old body may have no trouble running up and down the stairs, but how will that translate to a 75-year-old who just had hip surgery?

Contact a Chicago Real Estate Lawyer

With experienced help from a Chicago, IL real estate attorney with The Sherrod Law Firm, Ltd., you can answer all these questions and have a knowledgeable legal professional who will oversee your home purchase. We can take the stress out of buying a new home and handling all the complex, detailed closing paperwork. Contact The Sherrod Law Firm, Ltd. at 312-321-6910 today for a free consultation where we will answer all your questions. We do more than guide our clients through real estate transactions—we build legacies.