Buying a new home comes with plenty of challenges. Whether you're a first-time buyer, a tenth-time buyer, a twenty something or a senior, it has the ability to stress you out and have you scrambling for answers.
As a senior, when you're ready to buy a home in Orlando, there are some things you should know. Here are a few things to be aware of before starting the process.
Are you Downsizing?
If you're downsizing, you will need to start making decisions about the things you own now. If you're going from a large four or five bedroom home to a two-bedroom condo or townhome, you won't have nearly as much space. Some things will simply have to go.
You will need to decide if you want to give things to family, donate them, sell them, store them or keep them. Downsizing has plenty of benefits and it's a good thing to do as you get older and retire. Just be aware that this can be an emotional thing you will go through and it may not be easy.
Financing May Not Be Easy
Hopefully, you own a home and you will not need to worry much about financing. However, this may not be the case and financing may not be so easy if you're retired. Since you won't have a steady stream of income from a job, it can be difficult to get financing through a traditional mortgage.
Even if you don't have a paid off home right now, if the amount you owe is low enough, you may be able to pay cash for your new home. If not, you may be able to put a large amount down making the financing easier. There is also the option of using a reverse mortgage, but this should only be done if you're out of options.
It's best to speak with a lender before you start shopping for your new home. They may be able to help answer questions when it comes to getting financed now that you're retired.
Help will be Necessary
Sometimes it can be difficult for us to accept that we are getting older and need help. However, it's necessary to get help when it comes to packing, moving and even buying your new home. These are things you want to let someone else help you with.
You will likely need to hire a realtor and a moving company. Make sure you do your due diligence and choose a good realtor that has plenty of experience working with retirees. They will likely be able to recommend a good moving company, as well.
As a retiree, it's necessary to take the right steps when buying a new home. Whether you're downsizing or just moving to a new area to enjoy your Golden Years, you need to know what to expect. Start by hiring a good realtor and they will be able to help prepare you for the process of buying your new home in Orlando.