A surprising number of people buy their first home around or after retirement age. According to the NAR Homebuying Report, a quarter of all first-time home buyers are over 52. A lot of other seniors that have previously owned a home choose to buy a new one, because they want to move to a better climate or be closer to their families. A surprising 38% of all home buyers in 2016 were over the age of 52. Nearly one in ten of all homeowners were over 70.
While people of all ages can purchase a new home, the factors that they need to take into consideration are different. Seniors need to consider the health issues that come into play. Here are some things to consider.
Try Buying a Home in an Area Where It Doesn’t Snow Heavily in the Winter
One senior I talked to lives in Florida. He says that his wife had a stroke a few years ago. Fortunately, the ambulance was able to make it to their home in time to save her.
He said that he was grateful that they had moved to Florida from the Northeast. The stroke took place in the middle of winter. When his wife had a stroke, his former state was engulfed in a major snow and ice storm. There would have been almost no chance that the paramedics would have arrived in time if he had been living there.
This is a major concern that all seniors should consider. If you are over the age of 65, the probability of having a stroke is estimated to be between 3-5%. If you are living with a spouse in the same age group, then the likelihood one or both of you will have a stroke is at least 12%.
You don’t want to live in a home where you are going to be stuck in a major snowstorm in the event of a stroke. The delay from the weather could make the difference between life and death.
Fortunately, there are a lot of good places that you can live. If you aren’t up for the extreme humidity in Florida or the extensive heat in Texas, then North or South Carolina can be a great place to live. You can find a lot of great Charlotte, NC real estate listings.
Avoid Properties that Require a Lot of Maintenance
Buying a home can be a lot of work. Some of the problems that need to be addressed are very labor intensive. The furnace may break down and need to be replaced. The floorboard under your bedroom may be rotting and need to be refurbished.
These types of problems can usually be addressed by hiring a professional. If you don’t have experience dealing with these types of issues, then that is your best option. Seniors should avoid doing this work, regardless of whether they have previous experience. Performing labor intensive work after 65 increases the risk of having a heart attack.
A lot other work is usually done by the homeowner. Mowing your lawn and trimming the vines around your house are common problems that you will need to deal with. Many homeowners’ associations require homeowners to take care of these things.
If you can’t afford to hire a professional to do these tasks, then it is best to live somewhere where they are not as much of a priority. Look for home that is in good condition and doesn’t have a lot of weeds growing.
Find a Property Near Family that Can Help Out
Having a family that can help you out is important. They can come and do work on your house when necessary. They can help take care of you if you aren’t feeling well and aren’t ready to go into a nursing home yet.