Factors for older homebuyers to consider

On Behalf of | Aug 30, 2017 | residential real estate

Age should not be a concern for older individuals in Florida who are considering purchasing a home for the first time. The 2017 NAR Homebuying Report shows that individuals between the ages of 52 and 70 accounted for nearly 25 percent of first-time homebuyers. However, there are some issues they should consider before committing to a home.

Purchasing a home can be a good choice since being responsible for a mortgage can have a significant financial impact. Older homebuyers should know whether they would be able to afford the monthly payments if a spouse decides to retire or passes away suddenly. They will also have to think about the high likelihood that insurance, taxes and homeowners’ association fees will rise.

The costs associated with home maintenance are also another consideration. Older homeowners may require assistance with the upkeep of the yard and with completing home repairs, and additional funds may be necessary to obtain handyman and lawn services.

One’s health may also be a factor for older individuals as they think about purchasing a home. They should consider purchasing a home that can easily accommodate a decline in their fitness or health. Single-level homes or homes that have the laundry room and main bedroom on the first floor may be ideal for many older, first-time homebuyers. They may also want to think about selecting a home that has updated windows that can tilt, making them easier to clean.

An attorney who practices real estate law may assist individuals who want to sell or purchase a home. The attorney may negotiate contract terms on behalf of a client, draft purchase agreements and oversee real estate closings. If necessary, the attorney may engage in litigation to resolve disputes regarding zoning laws, lack of disclosure and land title issues.