6 Things You Need to Know When Interested in Buying a Home Later in Life
Were you not able to afford a home in your 20s, 30s, 40s, even 50s? Or did homeownership simply not suit your carefree lifestyle? Or did your profession have you bouncing around the country, continent, or world without a place to lay your proverbial hat? Whatever the case may be, you now find yourself ready to invest. But there’s a nagging question hanging overhead. How old is too old to buy a house? There’s no such thing. Although, that probably doesn’t adequately answer your query. Below is everything you need to know about entering the Okanagan area real estate in your “advanced” years.
New Buyer Programs Aren’t Just for Kids
You may have heard a lot about new buyer incentive programs that reduce downpayment requirements and offer better terms for those who are rookies in the real estate market. You may have assumed that these were relegated to young buyers. The good news, is that there is no age-limit on the programs. You just need to meet the criteria. To get help qualifying for these, and other first time buyer mortgage solutions, contact us right away.
The Ease of Being a Seasoned Buyer
Maybe you’re not a first time buyer. Maybe you had or currently own a property, yet still wonder if you’re too old to buy another, or upgrade. Not at all! Learn more about getting a second home mortgage or vacation home mortgage, which are typically attained by middle-aged and older investors. The process is actually comparatively easy when you factor in existing equity and established credit history. And what if you’re a retired senior on a pension? It’s easier than you think to get a mortgage too. View our guide to getting a mortgage as a senior.
Buy a Property with Your Kids?
You still have trepidations about buying a home when you’re older. How much liquidity do you want to give up to do so? And do you really want the burden of large mortgage payments later in life? If you have adult children who may be interested in their own real estate investment, then you have a resource you can tap into. You can share expenses (down-payment, monthly payments) and upkeep of the property while helping the family build sustainable wealth. If applicable, view our guide to getting a mortgage with your kids.
Consider a Condo?
You’re searching for information on “how old is too old to buy a house”, but maybe you’re better suited to a condominium property? Generally, there is a lower down-payment requirement and lower monthly payments which will allow you to pay off the home quickly. Plus, there’s significantly lower upkeep and lower costs of ownership (i.e. insurance, property taxes, and maintenance). Even more enticing, is that in the Okanagan Valley there are some very attractive multi-residential properties being completed and constructed as we speak. View more on the benefits of buying a condo.
Banks Discriminating? Consider Flexible Private Lenders
It’s odd. There’s an age-based sweet spot when it comes to how lenders view their investments. If too young, they typically want little to do with you. If too old (by their definition) the same may be true. If you don’t land in this sweet spot, you may face unwarranted age discrimination with little recourse. That is, unless you connect to Carloni Mortgage Brokers. We have access to private mortgage lenders who don’t penalize you for living your life as you have, as long as you can back up your home purchase with the smart financial decisions you’ve made along they way. And even if there have been a few hiccups, these lenders are able to better see the big picture, unlike the Big Banks
Delegate, Delegate, Delegate
You’ve checked the necessary boxes above, and have found the perfect home based on location, location, location. It’s the BC Southern Interior after all – where better to buy a home? But now it’s time for delegation, delegation, delegation. You’ve worked hard through life, so why should you do the heavy lifting when it comes to the mortgage process? You’ve got better things to do, be it to focus on your company, travel, or putting in more tee-time on the green. That’s your business. Instead of buying into a burden when buying a home, delegate the calculations, pre-approvals, lender search and negotiations, insurance, paperwork, and the closing process on to a professional who will not charge you out of your pocket. That’s what Carloni Mortgage Brokers will do for you. We’re at your beckon call, all that you need to do is call.
It may seem as if the people around you feel that it’s time to hang up aspirations of making major life decisions. Let them ride off into the sunset if they like. You’re still in your prime, so it’s time to act on it! Contact Carloni Mortgage Brokers today with any questions you have whatsoever.
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