Real Estate purchases are for all ages and perhaps for most wages. Most American citizens would like to have a house of their own. Somehow it is part of the American dream. Regardless of their age and wage, most people would not mind moving to a better location if they can afford it. More and more people aged 55 or older have decided to buy a new house. Experts expect these increasing figures to continue going up.
One of the reasons many people decide to buy a new home is to downsize. As their children no longer live there, their house is too big and repair and maintenance expenses are too costly. The main advantage of downsizing is that you can buy a house for less money than you can sell yours. Not to mention the fact that there will be less work to do. The Real Estate market may have something worth buying.
What about independent living communities available in the Real Estate market?
Another advantage of selling your home is that you can buy a house in a 55 or older community available in the Real Estate market. On the one hand, you will benefit from having less maintenance to do. Besides, there could be more chances to meet more people similar to you and avoid loneliness. Having an independent life but being able to share it if you want to is awesome.
What is more, another perk of community living is the fact that they may offer you some services that could save you time and work. Having your house cleaned, getting meals prepared daily or even the laundry are some things many 55-year-olds and over love. Not to mention the fact that there might be a gym, pool, IT room and so on. These Real Estate properties may have some disadvantages too.
What are the disadvantages of buying a house being 55 or older?
The main disadvantage of buying a house at this age is the fact that many people would have to get a mortgage for seniors. Having a 30-year mortgage could be expensive at this time because not many money lenders would be willing to accept it. Therefore, its interest rate would be really high. Another disadvantage is the fact that you may have to make a move, which is tiresome. There are companies in the Real Estate business that can help you but it could be costly.
Getting rid of unwanted items and taking all your staff to the new location could be demanding. Those who opt for living in a 55-year-old or older community may have to pay extra fees for the services they offer. Moreover, they may have special rules that you will have to accept. Living in a community may imply having less private space. Be careful when exploring this Real Estate opportunity.
Bear in mind that you may need to get money from your retirement savings account to be able to afford the purchase of the house. The Real Estate world is much more expensive now than it used to be a few years ago.