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After living in a home for years, it’s only natural to, figuratively and literally, move on. While the moving procedures are more or less the same, elders need to consider a few things first. Acquiring a home as an older person can be a bit more difficult than usual.
We’ll be covering how an elderly person can move without issue, what they need to consider and how they can ultimately pay for it and still have a high quality of life.
Figure Out Your Finances
As you’re already aware, buying a new house is the biggest investment you’ll ever make. For seniors, purchasing one might not be as simple as it was before.
Unfortunately, the cost of housing increases as time goes on, so elders with a fixed income might not be able to afford the cost of a home loan. However, there’s more than one way you can finance a house for older people.
One recommendation is completing a life settlement. A life settlement is a process in which you sell your life insurance policy to a third-party buyer rather than the company you acquired it from.
The person or company you do business with will pay you a lump sum of cash in return for becoming the beneficiary. If you aim to sell your term life insurance policy, you might not see as much of a return as you would with a whole.
The amount you receive depends on what type of policy you have as well as its overall value. It can then be used for anything you want similar to a personal loan, which includes buying a new house.
What to Look for in a New House
Once you’ve figured out how you’re going to pay for your new home, it’s time to start searching the real estate market. However, you need to be a bit scrutinous as you search.
Even if you’re healthy, you need to make sure the house has the proper amenities. To help make moving less stressful have a checklist of must-haves that make sense for this phase of life.
You’ll want to look for a house that doesn’t require stairs to be mobile. Stairs become a hazard for older people because of their reduced reflexes and potential ailments.
As you age, it’s not uncommon to have arthritis, which can impact your grip. It’s best to invest in a house that you can walk around in.
Or, if you’re willing to go the extra mile, you can look for a house that has a home elevator. Bear in mind that homes with this amenity will cost more than your average house.
Survey the Neighbourhood
A house may have everything you want, but it might be moot if you’re not a fan of the surrounding neighbourhood. Before booking a tour, research the area and see if it’s up to your standards.
Does it have an easy to access shopping plaza? Is it a quiet neighbourhood? These are all questions you need to ask yourself before making the final decision.
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