Let’s face it. We were all told that we were to go to college, get a great job, get married, buy a home, and start a family. How many have actually done it that way? If you are one who beats to their own drum, then it may not have been you. And it’s ok! Listing what the naysayers say and knowing what’s good for us financially will make all the difference in the world. Buying a home for the first time can be a dream. Never let anyone step on them.
Sometimes life isn’t so cut and dry.
Buying a home or buying your first home after the age of 40 is actually a good thing. Think about it: you’re wiser, you know what you are looking for, you’re not afraid to make mistakes, and you probably personally know a realtor, carpenter, builder, inspector, and appraiser!
Buying a new home later in life is an exciting way to start a new chapter of living! Now, who wouldn’t want that?
10 things about buying a home we are tired of hearing
- Your credit must be perfect to buy a home. Simple answer…no you do not. There are various programs where you can get a mortgage with lower credit scores. Programs such as NACA which stands for Neighborhood Assistance Corporation of America helps homebuyers with all credit ratings. Visit them at www.naca.com to learn more. Do you know your score? Check it for free by clicking below.
- You must have 20% down payment. When you’re over 40 you have reached that time when you are magical and unique and not your typical blah kind. Yes, if you are looking for a typical conventional mortgage then 20% down is the norm. But hey we’re unique right? You can buy a home with little to no money down. It was customary back in the day to come in with 20% down when purchasing a property. But times changed as prices rose and lenders got more competitive. Do your research and you’ll be amazed at what you can achieve.
- You’re too old to enjoy home. Now that’s just insane. We all know that happiness changes with age. What you enjoyed doing in your 20s may not be the same today. Buying your home now means you will enjoy and benefit from creating something that’s uniquely you and what will be an investment in your future. Do you love flowers? Wouldn’t you love a beautiful garden of your own? Rose bushes you could view over a morning cup of coffee.
- You have grandchildren and we hope you’re not thinking of taking them. I actually laughed an almost spilled my coffee when I heard this one. LOL. Yes, I have grandchildren and love them with all my heart. Personally, I would take great pleasure in that fact that now I am able to create a magnificent play area or room for them when they come over or even turn my back yard into a play oasis. I love to see children happy and playing and nothing warms a grandmothers heart more! No honey I only take them on the weekends and more in the summer for our trips. Watching my children raise their children shows me I did pretty good.
- All the kids are grown so it doesn’t make sense. It makes a lot of sense. Most of our lives we spend so much time doing for others. Making sure house is clean. Ensuring everyone has healthy lunches. Planning trips annually. Taking care of the emotional, psychological, and physical well being of each and every one around us. Therefore, it makes absolute sense. It’s time to do something just for us! Buy that home and don’t let anyone persuade you differently.
- You won’t be able to afford it in retirement. This is a point that does need careful consideration. You want to ensure you’ll be able to afford it. Are you downsizing to purchase a quaint smaller home and the payments will be constant? If you have carefully gone over your finances today and what they will be in the future, then go for it. Dont let the negative connotations that people put on the word retirement keep you from buying your dream home!
- You don’t have 30 years left do you? Now, I looked over my glasses on this one and thought about my rebuttal. Hmmmm….. In all honestly none of us know exactly how much time we have left to enjoy time here. Live in each moment. Make the best of your life. Don’t get so busy making a living that you forget to live. Live and buy that home!
- Why would you burden your children with that? My decision to purchase my first home later in life was not to create a burden on my children. It was to give me a sense of satisfaction and accomplishment. Heck it is on my bucket list. In the event of my departure, my children would have the option of selling the home or doing what they wish with it. They may decide to keep it and use it for a summer home where their families and children come each year to visit and remember the good times we had there. Subsequently, that is a reason I’d buy a home today.
- You’re going to deplete your retirement savings. Wisdom gained over the years have taught us to be financially sensible. As older adults, we are more prudent with our finances. Obviously, buying a home should not be a way to deplete your savings or retirements. With the many programs around today, you can purchase a home with little to no money down. Are you currently a teacher, firefighter, or in law enforcement? Awesome! There’s even greater programs out there if you are in that profession. Yet in all honestly, do not buy a home if it will leave you with nothing and you will not at least have three months of complete living expenses available to you in the bank once you close on your home.
- If you haven’t done it by now then renting is a more financially sound choice. It should be noted that while renting may be beneficial for short term goals, buying a home is an investment in you and your future. Renting does not pay you back. When you own a home, you can turn it into an income producing property. It belongs to you. It is your asset. In addition, it is your path to building wealth.
Further reading on buying a home with no money down:
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Further reading on being a grandparent:
Further reading on enjoying the years you have left in life:
Reasons to buy a house later in life
Without a doubt, I am in this position now. That is why I decided to write this post. I heard so many things about why I shouldn’t and never why I should. Life in the Boomer Lane did an excellent job on 4 Reasons to Buy a House Later in Life. One I especially enjoy was that you can finally go for it! Now how about that? There isn’t many times in life that we get that chance. Most of our life we are either doing as we have been groomed to do, doing as we see others do, or sometimes simply not doing what makes us happy. I refuse to do that anymore. It’s my time! And house hunting I go!
Last but not least, if you have thoroughly weighed all considerations and your finances are good, then go for it because buying a home can be a good investment. I came across a very interesting article from the Elite Experts on Buying a Home and wouldn’t you know it they say GO FOR IT! While the article does give you a great deal to consider, it is a cheerleader for those wanting to buy a house later in life. As older buyers, or more seasoned individuals as I like to call myself, we don’t want our decision to become a burden on them down the road, so it’s a good idea to get everything out in the open and make sure your family is on board. With some good communication and planning, this home can be more than a good investment for you and most importantly it can also be an investment in their future