Tips for Buying a Home as a Senior
Monday Sep 30th, 2019
As Accredited Senior Agents (ASA), we often share a lot of information regarding seniors and selling their homes. But there is another side to that same coin – buying a home as a senior. Making a late-in-life transition, such as purchasing a home, comes with many considerations – and, ultimately, some seniors opt to rent at this stage of life. However, many are drawn to owning their home and the benefits that are associated with homeownership.
If you or someone you care about is looking to purchase a home as a senior, here are some tips to consider:
Enlist the Help of an Accredited Senior Agent (ASA)
Choosing a realtor with the Accredited Senior Agent (ASA) designation is a must for seniors looking to buy or sell a home. As ASAs, we have the special training, skills and knowledge for working with mature clients, which helps us hone-in on the unique needs of seniors. We are also armed with important information and connections related to available senior housing options and are up-to-date on resources that help seniors stay in their homes for longer, especially those who wish to age-in-place. ASAs are also knowledgeable about Canadian tax laws, estates, wills, and other senior-related concerns, plus we help our clients narrow down their living options to best suit their needs for now and into the future.
Research Your Options
Which brings us to our next point – researching your options. Whether you are a first-time buyer or a seasoned homeowner, there are additional considerations that seniors must make when purchasing a home. First is whether or not you will require financing. If you do, you’ll want to connect with a trusted advisor to determine what type of mortgage would work best for you. Secondly, you’ll need to study your housing options to determine the right fit. Do you want to age-in-place, downsize or transition to a retirement living community? Another growing trend is senior co-housing, which provides the benefits of homeownership, but in a shared environment with other like-minded seniors. An Accredited Senior Agent (ASA) can help guide your research and provide suitable options so that you make a decision based on the right choice and not circumstance.
Call in Trusted Resources
An Accredited Senior Agent (ASA) can also connect you to the resources that will make your home purchase go smoother and safer. This includes legal experts, financial advisors, downsizing managers and senior move specialists, retirement lifestyle consultants, home inspectors, moving companies – the list goes on!
Choosing to purchase a home as a senior does have its benefits – it can be a great financial asset, as well as a very empowering decision. To ensure that you make a sound decision, welcome the advice and guidance of trusted professionals who have your best interests at heart. To learn more about the benefits of an Accredited Senior Agent (ASA), please contact Deborah Clerk, Real Estate Sales Representative and ASA at Keller Williams Realty Solutions, Brokerage, in Mississauga, Ontario.