Buying a home is a huge financial decision at any age. And if you are a senior citizen, there may be more to consider. Understanding your financial portfolio and affordability is key when looking to buy property over 65. Gumtree outlines the factors to consider:
- Consult a financial consultant who can analyse and determine if an investment such as buying a home house is feasible and sensible.
- Once you have checked out your financial situation, speak to experienced realtors who can help you with the perfect home for your budget in your preferred location.
- If you have serious health conditions as a senior citizen, you have the option to invest in a retirement home or village that provides you with the care you need. However, if you do not need the care and are the independent type, you can choose reputed complexes in any of the safe suburbs.
- It is recommended to invest in property that is in close proximity to hospitals or clinics in the event of health emergencies.
- As senior citizens, and we do not want to generalise, you may prefer more tranquil and peaceful surroundings. If so, ask your realtor to find properties in quieter suburbs and communities where you can walk and have your privacy. Complexes with loud clubhouses and loud parties are a complete no-no.
- When buying a home, you will also be responsible for its upkeep and maintenance. There will be times when you may not be able to complete home DIY or repairs and need to call a professional. These extra costs of maintenance and care must be factored into your overall budget.