While Baby Boomers continue moving into retirement each year, the most recent census shows baby boomers still represent the largest demographic in the real estate market. It’s no wonder rental properties lack supply, especially in cities across the US - not to mention that America isn’t building enough homes.
Baby Boomers are, much like the young adults of today, flocking to properties that offer the much popular “hands-free” lifestyle. Sometimes, both parties even compete for vacancies though most boomers can better afford amenity-rich apartments in nice neighborhoods.
There are different home buying trends amongst baby boomers in different age groups, but one thing in common is that baby boomers prefer to down-size. This is mainly because baby boomers built large and elaborate houses fifteen years ago but are now faced with the efforts of maintaining them.
As you might already know, buying a home isn’t an easy process and is filled with many obstacles. Unlike in the movies, home buying is something one should really think about, and planning ahead makes this easier. Here are 6 quick tips when evaluating your potential home purchase:
Your home may be the largest investment purchase in your lifetime and owning a home will have a great impact on finances and therefore it’s critical to choose a home you can afford.
Make a financial assessment by computing your monthly mortgage including property taxes, insurance fees, averaged monthly utilities, and think about whether or not you are capable of paying this amount for a long-term period.
- Maintenance Required by the Property
It’s now nearly the middle the year and as mortgage prices continue to rise each year, the same goes with house maintenance costs. Home maintenance is what most home buyers often overlook and is one of the reasons why properties take longer to sell – simply because the costs aren’t that feasible.
- Security of the Community
How safe is the place? Living in safe location has its costs but security is a critical consideration you need to make. You don’t want burglars inside your home every now and then. If possible, purchase one that has 24/7 guard and gates to monitor who goes in and who goes out, for an added layer of protection and peace of mind.
- Pet Restrictions (if any)
They are friends, they are family and they are our companions… They’re our furry friends we call pets. Pets improve our quality of life and have plenty of health benefits. If you own a pet or plan to get one soon, then it’s only imperative that you buy a home inside a community that will accept your pet. Ask the management staff if there are any pet restrictions as some communities impose restrictions in the number of pets per household while some on the weight of the pets.
Finally, you’ll have to think about where the property is located and how far away are you from shopping areas, dining places, and freeways, as this will affect your lifestyle and how you go about doing your daily errands.
Your access to medical care is something you really need to consider especially if you’re on medication. While it may not be much of a big deal if you’re not, there’s still a big difference if you’re going to be fifteen minutes away or 45 minutes away from your preferred team of medical providers especially during emergencies.
Another thing you need to keep in mind is the proximity to your loved ones - your access to your support network. It’s true that distance cannot severe a strong relationship but it does help in keeping those relationships stronger.
- Use a Trusted Realtor
While most buyers distance themselves from realtors, keep in mind that the home sellers and not the buyers are the ones paying the commission. This is especially true important in fast-growing cities such as Portland, Oregon and Corvallis, Oregon. A savvy realtor like Duerksen & Associates in Corvallis, Oregon can save you a lot of time and energy and can guide you through the whole process of buying a home. Contact Duerksen and Associates now for affordable homes in the best neighborhoods.