Many older people, who have rented their whole lives, think that it is too late for them to buy a home. Many older people have the money to do so and often the credit history but they still aren’t buying homes! This is crazy! For many people they may have rented for years or even decades. That money that they’ve been paying in rent is all lost equity that that could have been paying off a home! However, there is no time like the present to buy a house and start building that asset. Buying a home as an older person is a great idea for several reasons!
1. You’ve got some guaranteed income
On loan applications, this is essential to getting financing. Older people, especially those over 62 have Social Security and that kind of guaranteed, government income makes many financing avenues available. If you are also retired with a pension or other retirement plan, then getting a home loan is very straightforward. Many older people think that because they don’t have a job that no bank will loan them money and that is not really true. Every situation is unique! It is worth investigating because a guaranteed source of income is a great pathway to getting a home loan and owning your own home!
2. Save on costs
Many people are aging in place these days and avoiding the expense of a nursing home. Older people are having nurses in to help take care of them or family is living with them. The point is that many older people are choosing to age at home. If aging at home is your plan, it is far better to own the home where are aging in place rather than being forced to move due a rent increase, building sale or redevelopment. When you own your own home you can modify the interior to suit your physical needs without having to ask special permission. If someone needs to live with you, that is not a problem. There are also tremendous tax benefits to owning your own home.
3. Pass on to your children
We all want to have something to leave to our children. For many people, there may not be tremendous amounts of money to leave behind. However, a home might serve as that vehicle, depending on market conditions and other factors, a home is something that you can pass on to your children. They can decide to keep the home and take over the mortgage or sell it and possibly profit from the sale. Either way, owning your own home is a way to leave something for your children and grandchildren. It is also a way to build a legacy of home ownership in your family; that’s and important part of the community.
4. Build your community
Buying your own home is a great chance for you to build your community. Home ownership is how a variety of different communities build strong bonds and real wealth. No matter what your ethnicity, your family and community improve when you own your own home. As a senior, this is a lasting impact you can have on the world around you. The tradition of owning a home can start with you! This will encourage your children and grandchildren to own as well and that benefits your entire family! It benefits you tremendously as well for all the reasons’ we’ve mentioned!
Seniors, don’t shy away from home ownership, take this chance, in this market, to own your own home. When you’re ready to have someone help you with that process. Please call Town and Country Realty! We’re here to help you on your journey to home ownership!