Images by PxHere

Aging Smart: 4 Home Buying Tips for a Better Retirement

Are you planning a move as part of your retirement strategy? This may be a smart decision, especially given that many homes today are designed with the needs of the aging in mind. While some aspects of the home-buying process may seem similar to your first home purchase, many changes have occurred over the years. This is particularly true when looking for senior-friendly housing. Besides what you’ll take away from this article, there are a few additional tips from Enjoying Aging guide-to-home-buying that can help you glide through the challenges.

1. Financing

A “good” credit score is crucial if financing is required for the purchase so you’ll need to start by checking your credit score. According to Barclays Bank, a reasonable score in the U.S. through the three major reporting agencies, Equifax, Experian, or Transunion, is 720 and above. There are resources available to assist you in improving your lower scores if needed but be careful of scammers when searching for help.

Another consideration, if this is not a first home purchase, is the amount of equity you may have in your current dwelling. If you can sell your current home for more than you plan to spend on your senior-accessible housing then your credit may not be a concern. In many cases, you may be selling a larger home, or selling from a market with higher home values. In either situation, you could have enough money left over from the sale of your old home to cover the cost of your new home, plus upgrades.

One way to reduce the price of your purchase is to look for an “as-is” property. This is a house that needs some work before it becomes move-in ready. If you plan to modify the home for accessibility anyway, then a few more upgrades shouldn’t be a problem. Do keep in mind here that you’ll want to avoid properties with significant structural damage or other major issues, like faulty systems or asbestos. Have a well-qualified home inspector give a thorough inspection of the property before making the purchase.

2. Safety and Security through a Home Management App

One of the most important spaces to consider is the bathroom. A step-free shower and raised toilet are keys to staying comfortable as you grow older. Luckily, to ensure accessibility, you can chat with a plumber about your space. A home management app gives you access to how-to videos, as well as video chats with experienced professionals to give you the advice you need.

3. Choosing the Right Renovations

Choosing the right renovations for your house involves a careful balance of improving functionality and enhancing aesthetic appeal. Start by identifying areas that need immediate attention, such as outdated kitchens, worn-out bathrooms, or insufficient storage spaces. Consider the long-term value of each renovation, focusing on projects that offer a good return on investment, like energy-efficient windows or a modernized kitchen.