Seniors often find themselves facing difficult decisions when it comes to living arrangements during their golden years. Some people choose to buy a new home in order to move into a place that is easier to maintain or navigate, while others may relocate in order to be closer to grown children and their grandchildren. Regardless of the reason for buying a new home later in life, there are some challenges that come along in the process and there are ways to get assistance in working through any roadblocks that may present themselves.
Affordable housing for seniors may be challenging to find
Unfortunately, a large number of seniors struggle to make ends meet when it comes to covering the costs for housing, medical care, transportation, and food. Some communities do not necessarily have adequate housing options specifically designed for seniors, such as places without stairs, proximity to medical resources, or other accommodations that make things easier for those in the older demographic. For those older adults who face financial challenges in purchasing a home, there may be assistance available.
Many communities have resources available to help seniors who are struggling to buy a new home, and there are some state and federal resources that can be pursued as well. According to LendingAge, there are several programs available that can assist seniors in finding affordable housing, but the demand often outweighs the supply. Funding for these programs does not always match the need, but advocates continue to work on ways to assist older adults in finding affordable housing.
Reaching out for assistance and support can provide useful resources
There are some resources available to seniors looking to buy a home through the U.S. Department of Housing and Urban Development. As Senior Living reports, more than 900,000 seniors are helped by HUD programs targeted toward older adults looking to find affordable living options, and while the requirements can be significant, these programs can be a valuable resource for many.
Sapling recommends that seniors connect with an experienced real estate agent, lender, attorney, or financial advisor when making decisions like this. Working with a realtor is one of the best ways to navigate the world of real estate. A realtor can help take the guesswork out of selling a home and finding the next one. Plus, some real estate agents specifically focus on working with seniors.
Buying a new home as a senior can be complicated, but doable
Seniors have many things to consider when they look to buy a new home, and the process can become overwhelming. Cash flow may be a major factor when facing this kind of commitment and many older adults need to factor in things like being near family, having easy access to medical care, or ensuring that a new place is affordable and easy to maintain as one ages.
Because processing all of these decisions can be difficult, one should never hesitate to consult more than one resource and reach out to local, state, and federal programs that may make purchasing a home at an older age flow a bit more smoothly. There are housing and financing options that are unique to working with seniors and there are plenty of professionals eager to assist seniors in purchasing a new home in their later years.
Guest article written by: Jim Vogel