In This Issue
Lessons Learned A Senior Perspective Personal History
We are pleased to present you with the latest issue of Life@Home. Delivered to home buyers, sellers and owners on a monthly basis, this electronic newsletter is designed to give you the real estate information that is important to you. In each issue, you will find practical tips and articles related to buying, selling or owning a home, as well as the latest news on real estate trends. We hope that you enjoy this issue of Life@Home. If we can be of any assistance, please do not hesitate to contact us.
Lessons Learned
Like everything else, there is a learning curve to buying a home. The second time around you will naturally know things you didn't the first. Here are three common mistakes made by first-time home buyers during the home search process and their solutions.
Mistake: Buyers who look at homes before they have a complete understanding of their finances are asking for trouble.
Solution: Before looking for a property, you should know your finances inside and out. This includes analyzing savings, income and expected expenses. Next, order a copy of your credit report. Your credit score will greatly influence the type and amount of loan you are eligible for. Finally, make sure you are pre-qualified for a mortgage. This means a loan officer has reviewed your employment history, debt, income and other pertinent factors and has pre-qualified you for a certain loan amount.
Mistake: Looking for a home with your heart instead of your head. Of course there is an element of emotion during the home search process, but it is also a business transaction. You want to avoid falling in love with a certain home and then finding out it is out of your reach.
Solution: First, look exclusively in your price range. Next, have a specific list of your wants and needs. Create a roster of must-haves, bonuses and things you absolutely don't want too. This will help you remain objective.
Mistake: Looking at properties without doing enough research. Curb appeal and interior charm have their place, but buyers also need to know about the community where they are buying.
Solution: Use the internet to find out all you can about the town. Research local property taxes, the schools, area transportation and available recreation. Also talk to people in the neighborhood and local officials. Ask about traffic patterns, flooding, planned infrastructure projects, etc. Get the inside scoop from those who know the area best. Your Realtor or buyer's agent is also an excellent resource.
A Senior Perspective
Like most professions, there are specialty areas within the field of real estate. Some realtors specialize in helping people buy and sell commercial property. Others focus on the luxury segment. And there are real estate professionals who specialize in helping buyers and sellers 55 and older. This focus has become especially helpful and popular as more and more people are living longer and are more active into their senior years.
When you are looking to purchase a home as an older adult, seek out a professional who has experience with the 55 and over set. Among their special skills may be the following:
Every family has its own story. But in today's fast-paced world, the tradition of oral history is gradually being lost. Take the time to talk to senior members of your family. Ask them to tell you stories and personal experiences. Then jot a summary down in a journal. It can become a wonderful family heirloom.- A more intimate knowledge of the area's active adult communities.
- A better idea of what downsizing will require and references to other resources (movers, storage solutions, etc.)
- Different options if you are moving with your own aging parent.
- Information about long term care facilities in the area.
- Layouts and amenities that better accommodate the more mature homeowner.
The National Association of Realtors (NAR) offers a special certification for professionals who work with the senior customer. Called Senior Real Estate Specialists (SRES), these realtors have completed certain education and training programs. In addition, many real estate companies offer training programs that address the needs of the client 55 and older.
