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Finding Home: A Buying Guide for Seniors

Finding the right home can be a long and tedious process even if you know what you want. For seniors, however, it can be a stressful undertaking that quickly becomes overwhelming. It’s important to start things off right by figuring out what your needs are before you begin looking at houses. Do you have health or mobility issues that will make living in your current home a safety issue in the next few years? If so, you might want to consider downsizing. Are you on a tight budget? Finding the right realtor to help with the search may be in your best interest.

It’s also a good idea to do some research on neighborhoods since location is so important. You may want something that’s close to family or to your doctor, or something a bit more out of the way for some peace and quiet. Look online to find out what the average home prices are in the areas you like so you can narrow down your options.

Read on for some tips on how to get started with the search for the perfect home.

Location Is Everything

You can find a home that meets all your needs and is in your price range, but if it’s not in a good neighborhood, you’ll probably regret your decision soon enough. Not only is location important — where the home is in relation to the places you visit most often — but the quality of the area is, as well. You want a community that’s safe but also one that will add to the value of your home in case you decide to sell or pass it down to family members.

It’s also imperative to know what to expect when it comes to pricing, so do some research in the areas you like best. Keep in mind that the average listing price for homes in Escondido, California, is $530,000.

Check Out Your Financial Options

You may have more options than you think when it comes to financing your home; securing a loan is the traditional way, but it’s important to look into all the choices available. Rural home loans, for instance, don’t require a down payment, freeing up the money from the sale of your current home for your retirement needs. You can also look to see if there are grants available in your state for seniors.

Get the Help of Pros

Getting help from professionals can go a long way toward finding the right home at the right price. Talk to different realtors to find the one you’d most like to work with. Also, do some research on contractors if you feel you’ll need their expertise when it comes to making home modifications. Having the help of experienced people will allow you to make informed decisions so that the final purchase is the right one for you, especially if you are a first-time homebuyer.

Consider Downsizing

Downsizing isn’t a decision to be taken lightly; it requires quite a bit of work and can be emotionally draining if you’ve lived in the same home for a number of years. However, it’s important for many seniors to think about moving into a smaller space if they’re having issues with health or mobility, as a large house is harder to take care of and can create safety issues. Downsizing can provide a safe place for your senior years while saving you money.

Finding the right home and making a move is a big job, so don’t forget to take care of yourself during this time in order to reduce stress and anxiety. Take the process slowly so you can make better decisions, and ask for help when you need it to avoid becoming overwhelmed.