Often as we age, our living situations changes. We may downsize from a family home to a smaller space that’s easier to take care of. Or we may move to be closer to our children or grandchildren. Whatever the reason for moving, it’s important to know what your options are and what the process of buying a home entails — especially if you’re doing it for the first time. Today, HM&M Home Inspection Associates will walk you through the basics of finding and financing a senior-friendly home.

Getting Help From Professionals

One of the most important things to do when buying a home is to enlist the help of professionals who know the ins and outs of the process. An experienced realtor who will be familiar with senior-friendly homes in your desired area and can help you find one that meets your needs. They’ll also be able to negotiate on your behalf and handle all the paperwork involved in purchasing a home. It’s also a good idea to have a lawyer look over any contracts before you sign anything.

Collaborate for Success

Collaborating effectively is essential for streamlining any process, whether moving or in business. To make collaboration smoother, consider implementing a centralized communication platform where invoices and financial documents can be easily shared and reviewed. Regular meetings or check-ins can also help align on strategies, address any discrepancies quickly, and ensure that invoicing timelines are met.

Finding the Right Home

When you’re looking for a new home, there are several things you’ll want to keep in mind. If you have any mobility issues, you’ll want to ensure the home is accessible. That means no stairs, wide doorways, and plenty of space to move around. Luckily, if you’re interested in rentals, there are plenty of options out there, so you can afford to be choosy. Once you’ve narrowed down your list, you can decide on funding and if you would prefer to renovate a less accessible home instead.

Picking the Right Location

You’ll also want to make sure the home is in a good location. Ideally, it will be close to shops, restaurants, parks, and other amenities. And finally, the home should be large enough to comfortably accommodate all your belongings, but not so big that it’s difficult to keep tidy. The key is to go through your belongings and get rid of anything you don’t need (or isn’t sentimental).

Financing Your New Home

If you’re like most seniors, you probably don’t have enough cash saved up to pay for your new home outright. That’s where mortgages come in. A mortgage is a loan that allows you to finance the purchase of your new home over time. The lending process can be confusing, but your real estate agent or lawyer can help guide you through it. That said, it’s essential to understand what lenders look for when sifting through applicants.

Dealing with Business Interests

If you have a business that you have been considering selling, that can be another source of income. Start by determining the business’s valuation including all outstanding debts. How you proceed next will vary depending on your business structure. You may have shareholders that you need involved in the process, too. A broker or an attorney can help you through this process.

Other Financial Considerations

There are other ongoing costs associated with owning a home besides your mortgage payment, such as property taxes, insurance, utilities, and routine maintenance and repairs. Be sure to factor these costs into your budget when considering whether or not you can afford to buy a particular property. You do not want to manage a basement flood after moving in! And if you’re planning on moving into a retirement community or assisted living facility, there may be an entrance fee associated with that, as well.

Enjoy Your New Home

Now that you know more about what goes into purchasing a senior-friendly home, it’s time to start searching for your perfect place! Learn about the mortgage process and follow the other tips above to position yourself for a successful home purchase. With careful planning and some professional help, you’ll be enjoying life in your new home before you know it!

For your home inspection needs, contact HM&M Home Inspection Associates today!