If you have found this blog then you’re probably in your 50s or maybe even late 40s and considering buying a home. Perhaps it’s your first home or it’s probably a repeat home and you either have been renting for a while or yoIDX Control Panelu need to sell your existing home in order to buy another one. You probably are toying with the idea of whether or not it’s even a good idea to buy a house and start over again once you are in your 50s, but there are a lot of benefits to buying later in life.
Many of my clients are over the 50-year mark so I am very familiar with helping people buy or find the right home for their needs. Most have the big question about the 30-year mortgage and if that’s even feasible. Everyone in the 50s is in a different position in life so you might be prepared to pay cash, especially if you are selling a home that you’ve already paid off, or you might be putting a substantial down payment on the property allow you to lower the terms of any potential mortgage.
Related: How to buy a house in your 60s
A 30 year fixed mortgage can provide stability and comfort but you will be paying more interest in the long run. This could be a benefit on your taxes but it also means that you won’t be gaining equity is fast. These are things to consider depending on your current lifestyle and your finances.
You could consider a more aggressive loan such as an ARM or even a line of credit which can provide you with a lower payment but they do come with more volatility.
One thing to know is that lenders cannot discriminate based on your age. It doesn’t matter how old you are if you qualify with the right requirements, you should be able to get any type of loan, even a 30-year loan well into your 80s.
Read More: Easy ways to buy a house in your 50s
Don’t be scared of the 30-year loan as it is simply a way to calculate the payment and should you pass away or decide to sell the home, it would be treated as any other means of personal property.
Some things to consider if you’re buying a house in your 50s:
Location. You want to make sure that the location is ideal for your lifestyle. Are you looking to live within a gated community? Condominium or townhome community? Do you prefer to be within walking distance to the local coffee shop or restaurant?
Topography. Consider the landscape of the property you are interested in. Will you be doing a lot of landscaping maintenance? Will you need to paint the house or replace stairs or railings? Do you prefer a low maintenance type of property? What about hills, stairs, and accessibility to different areas of the property?
Size. Are you downsizing in are looking to minimize the space that you have now? Do you prefer a condominium or townhouse so that someone else can take care of all of the common area amenities and landscaping? Consider the type of lifestyle you have now and what you plan to have within the next 5 to 10 years. Will you be doing any hobbies and will you need a craft room or reading room? You might not think that extra room is important but you also could be pleasantly surprised as to how often you use a hobby room.
Time. How much time will be spent in the house versus outside the house? Are you a snowbird and do you like to travel? Consider your lifestyle and the lifestyle that you’d like to maintain in the next few years. Will this home suit your needs and tastes?
Buying a house in your 50s is nothing to be intimidated by. People do it all the time but as long as you are prepared, understand exactly what you want, and use an agent that is familiar with working with people from all walks of life, you’ll be much more satisfied in the end.