Seniors can be first time home buyers. Even if it’s not your very first time, it may be the first time you’ve bought a home in a long time!
1. Take the time to formulate questions and identify your goals. Make sure you feel comfortable with the process.
2. Get your finances in order before you apply for a mortgage. Order a copy of your credit report so you can check it for accuracy. If you are paying cash, or cashing in other assets to buy the home, make sure you get appropriate financial and legal advice from professionals who are knowledgeable about tax issues and investment options.
3. Study the mortgage industry. You need to be able to find the right loan and lender most suitable for your needs.
4. Think about how you will live in your new home. One story or two story home?
Maintenance, convenience and amenities are things to consider.
5. Are there deed restrictions? Many adult communities have deed restrictions which govern what you can and cannot do with the property. You need to know what the restrictions are and that they are something that you can live with.
6. If you are not sure about something do not be afraid to ask questions. Feel confident in asking for clarification. Good communication is the best way to insure a seamless transaction!