Navigating a Home Purchase in Your Golden Years

Some of the best things about retirement and getting older center around finding the perfect place to kick back and enjoy a lifetime of hard work. If you’re a senior about to retire or well into your retirement years, you’ve likely thought about how and where you want to spend the rest of your life. If you’re considering a big move or home purchase in Denver, there are a few things to consider as you embark on the exciting adventure of finding a place to settle down in retirement. Here are some things to keep in mind, courtesy of Designer Premier.

Consider a VA Loan

Many seniors and their spouses are unaware of special VA loan programs that can make buying a home easier. If you or your spouse have served the country, it’s important to check in with your local veteran’s office to see if you qualify for a VA loan with little to no down payment. Not only might you be eligible for better rates than a conventional loan, but using a VA loan can also be helpful if times get tough and payments are difficult down the road.

Assess the Market

Before deciding where to buy your home, you’ll want to research the market. The global pandemic caused a huge demand for homes in many areas. In other areas, prices are beginning to stabilize. Do what you can to find towns with a higher inventory of homes, and you’ll pay less than you would in a seller’s market where homes are in higher demand and more expensive.

First-Time Borrowers

If you’re a first-time borrower, it’s important to show great credit, a steady income, and how you plan to pay your bills if the mortgage company approves you for a loan. Having your paperwork in order before applying for a loan is a must. While lenders cannot discriminate with loans based on age, they will check to make sure you’ll be able to make payments even after retirement or if your health declines. Going into loan applications with all the documentation needed and the best credit possible will increase your chances of being approved for a mortgage.

List Your Specific Accessibility Needs

Before meeting with a realtor or attending open houses in Denver, take the time to write down your specific needs. For many seniors, it’s important to live in 55-plus communities. For others, one-story living is a top priority. Some seniors prefer rural living, while others feel more comfortable being close to major hospitals in case of emergency. Being prepared with a list of must-haves and deal-breakers will help keep you on track as you begin to look at homes that might work for you.

You also need to think about the features your home must have so you can comfortably and safely age in place. For example, ensure that the bathroom or bathrooms in the home you’re considering have all the safety features you need, such as grab bars, a curbless show entry, and a shower bench to help you with bathing. You should also pay attention to things like the arrangement and accessibility of your kitchen and the lighting throughout the entire house. If you find a property you love that doesn’t have these features, you can opt for a renovation or remodel to help tailor the home to your specific needs.

Hire a Pro

When in doubt, it’s a good idea to bring a list of your wants, needs, financial documentation, and paperwork to a professional. A good realtor will know how to walk you through the process of all ends of buying a home.

Pros are handy once you’ve moved in, too. Search online to find local HVAC contractors to ensure that your HVAC system gets regular inspections and maintenance. Dealing with a broken system is never convenient, so make sure that yours gets routine servicing. Read reviews from customers online before reaching out to potential contractors.

To decorate your home, work with Designer Premier. They can connect you with the best Denver interior designer to suit your needs and taste. You’ll love the results of your custom-decorated home.

Finding the Right Retirement Home

Buying the home you’ll hopefully be able to spend the rest of your years in can be a rewarding process if you take the time to research the market and find the right professionals to help. Seek out helpful resources, and prepare to enjoy your golden years in your new home.

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