Over 50s property market

If you are over the age of 50, and looking to buy real estate, there are certain factors that you will need to think about. In shopping for a new home, you will need to consider aspects that may not be as important to younger buyers. If you are careful and take your age into account in your decision process, your new home can be one of the best decisions you make in your life.

A major concern will be the money factor. Unless you have a lump sum of cash sitting around to buy a house with, you will probably need to get a mortgage. An option to avoid a mortgage in the over 50s property market would be to downgrade to a smaller house, or simply do not spend more on a new house than you collect in the sale of your old one. If your heart is set on living in a bigger home in an upscale area, than you will probably need a mortgage. Lenders do not like to grant mortgages to older people because of the improbability that the borrower will live to fully pay off the mortgage. If you can get one, you will have higher monthly payments and a shorter time span in which to pay the loan off than an average 30 year old in your same financial situation.

Another less obvious concern in the over 50s property market is the physical nature of the new home itself. You may be in love with the fine architectural details of the two storey home. However, how much longer do you think that you will be able to make the climb up that gorgeous sweeping staircase? How steep is the climb up the walkway? Will you be able to take care of the lawn? These are real concerns for someone in your age bracket looking to invest in a new home. You might want to sacrifice that upper story for a larger one storey house with less of a lawn. You dont want to buy a house that eventually becomes too much for you to handle and a burden to your loved ones.

Location is also a very important factor which should play into your decision making when considering the over 50s property market. You probably want to be fairly close to your family to benefit from a lot of visits from the grandchildren. You will also probably find it useful to live close to a town where you can shop for groceries. Driving becomes more and more of a hassle the older you become. Take the issue of location into serious consideration when you go about to find and purchase your new home.

Purchasing your retirement home can be the most rewarding thing that you ever do for yourself. It can also turn out to be a nightmare if you are not careful. Make sure to keep your payments manageable if you mortgage, be realistic about the home itself, and keep location in mind. Keep in mind the important factors in your decision, and you will find yourself retiring in a dream home with only happy memories to be made.

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