For many seniors, the house they own is just too large for their needs. When they were younger and had small or school-aged children, a two-story house with four bedrooms and two baths was perfect.
But now, the children are grown and out of the house, the huge yard has become a burden, and so has cleaning those four bedrooms and two baths. Climbing up and down stairs all day is more tiring than it used to be. All of these scenarios start to add up, prompting many seniors to buy a smaller home.
If you’re a senior and you think it’s time to downsize, consider these tips to help you overcome financing challenges and find the right assistance for a big move.
Sell Your Current Home and Get Financing
The best way to get the ball rolling when you want to buy a new home is to sell your current one. The proceeds from the sale will help you purchase your new house.
(By the way, it’s a myth that lenders frown on loaning money to seniors because of their age and related risk factors.)
In fact, mortgage lenders look at the most recent two years of your credit history coupled with your projected income for the next three years. They’re not allowed to discriminate against you because of your age. To figure out which mortgage is best for your budget and circumstances, talk with a financial adviser who can help you make the right decisions when applying for a home mortgage.
Finding Assistance for the Big Move
You’ve sold your old home, found a new home, qualified for a mortgage, and closed the deal. Now it’s time to move in, right? Well … not quite. Let’s back up several months. When you know you’re going to move to a new home, it’s time to start downsizing and packing. Be sure to do a little at a time so it doesn’t become too overwhelming.
Some seniors may not even want to deal with all the packing. They may have mobility problems or trouble with heavy lifting. If that describes your situation, consider hiring moving help. Professional movers will often do all your packing for you. All you need to do is supervise the movers during the packing process. Once your stuff is packed up, the movers can then do the heavy lifting for you, so the box of fine china is not your responsibility to move from one place to another.
Some moving companies will even arrange to transport items to storage facilities or help you donate unwanted belongings to charity groups. And to further ease the load of moving, if you are somewhat flexible with your move date, consider positioning it during a less busy time frame so that you’re more likely to secure a moving crew, and one that is well-rested. In Encinitas, the best times to move are Tuesdays after 12 p.m.
Buying a new home can be intimidating, but that doesn’t mean it’s impossible. By investigating mortgage programs suited to your needs and carefully weighing your options, you can find the right home at the right price. Hiring moving help and letting them assist you in the moving process will also relieve some of the stress of moving as well as get you on your way to enjoying your new home.
Photo via Pixabay
This article was contributed by Michael Longsdon. For more information and tips to help improve the lives of the elderly in your life, visit Elder Freedom.