Two Things To Consider When Buying Your First Home Later In Life

Many people think that it's too late to buy a home once they hit their 40s and 50s, since they may not have as much time as younger folks to build up equity in the house. This isn't necessarily true, though. Purchasing a home when you're older may be better, because you're likely more secure in your career and earn more money, thus able to better afford the mortgage. However, there are some special considerations older buyers must take into account. Here are two you should think of when house shopping.

Shop for Your Future Health

It's an undeniable fact that the older you are the more likely you'll suffer from health and mobility issues. Although arthritis can develop at any age, it's more common in people 65 and over, for instance. Therefore, it's a good idea to assess your health and purchase a home based on what you may need in the future, especially if you plan on staying in the house the rest of your life.

For example, while you may not mind having a two-story home, you should make sure there are bedrooms on the first floor you can move into later on if walking up and down stairs gets to be too much for you. At the very least, consider purchasing a home that can be renovated to fit your future needs without too much trouble or expense.

Look for a Home to Pay Off

As noted previously, people over 40 tend to have more career security and earn higher incomes. This means you'll likely qualify for larger mortgages. Instead of giving into temptation and purchasing a bigger or more expensive home, though, look for one you can pay off before you retire.

There are many benefits to owning a home free and clear by the time you hit retirement age. It'll be easier to live on a fixed income without having a mortgage dangling over your head. You'll get more money to live on if you choose to do a reverse mortgage, or you can earn income with the home by renting it out.

It's a good idea to work with a financial planner to crunch the numbers and determine how much home you can afford to meet the goal of paying it off before age 65 to 70.

For more information on things you should consider when purchasing a home in your later years or assistance finding the perfect house for you, contact a real estate agent.