General Area in Philadelphia>Question Details

Liz Domar, Other/Just Looking in Elkins Park, PA

really getting cold feet--in our 60's--afraid to buy-BUT don't want to rent anymore-help!

Asked by Liz Domar, Elkins Park, PA Mon Sep 17, 2007

Help the community by answering this question:

Answers

6
1) Look at your budget
2) Get preqalified.
3) Then start looking.

If you put numbers to everything, it helps ease the cold feet.
Web Reference: http://iansellsnola.com
1 vote Thank Flag Link Mon Sep 17, 2007
Hi Liz:
I really think you need to just take a deep breath and decide where you would be the happiest. Many boomers right now are in your shoes. Some have sold their home and moved around to a few states. I know of three couples who moved based on where their grandchildren were.

One even moved twice - as soon as the older grandchildren didn't need the grands so close - they moved to where the younger ones were.

You've paid your dues to society - you've gotten to a place where you sold the homestead - and it's time to move on to the peaceful place you have in mind - but haven't verbalized yet.

Don't be afraid - thats for us up and comers... who can't wait to be in your shoes! There is a whole market out there tailored for just your age group. Here in Georgia we have boomer properties in country and urban settings. Some in the beautiful mountains at the base of the Smoky Mountains - BEAUTIFUL isn't word enough to describe it.

The best part of these boomer communities is that they have a price for every level... there's the simple to the ostentatious... you set your budget that fits your lifestyle. You can get a low maintenance home & the community takes care of your lawn while you are out traveling the globe!

Be adventurous - don't limit yourself! Take the time to smell the roses!! Let me live vicariously through you! Send us updates on what you decide - we're counting on you!
0 votes Thank Flag Link Tue Sep 18, 2007
I see you had a previous post or thread: http://www.trulia.com/voices/Home_Buying/we_sold_a_house_now…

You previously sold your home and are now renting. Wondering why you did not repurchase at that time?
Sounds as if this is not your first home...Buying a property at any age is a stressful event.

Sit down with the yellow note pad and list the pro's and con's. Also, please talk with your financial advisor.
0 votes Thank Flag Link Mon Sep 17, 2007
Pam Winterba…, Real Estate Pro in San Ramon, CA
MVP'08
Contact
Hi Liz,

Being a first-time homebuyer can be a scary process, that's for sure. It's okay to have fears, but often times, if you break down your fears, they can each be addressed in a way that may take much of that fear away.

Sometimes, the 'unknown' is what is most scary, so shedding light on all of that can be a good first step.

If you have a financial planner, now is the time to sit down with him or her and review your portfolio. Weigh the pros and cons based on your life-goals.

If you decide to move forward, or even if you just want to talk to a real estate professional, I would recommend you speak with a Realtor who has a Senior Real Estate Specialist (SRES) designation. These professionals specialize and our well-versed in senior issues and the needs of homebuyers over 55. Maybe just a conversation alone with an experienced SRES-designated Realtor may help you towards the right decision.

Best of luck in making your decision!
0 votes Thank Flag Link Mon Sep 17, 2007
Patti Pereyra, Real Estate Pro in Chicago, IL
MVP'08
Contact
Taking that first step IS a big jump! Many people find it quite unsettling because when they look to the future, they see uncertainty. Aside from what Ian said, take into account your goals for the next ten to twenty years. There are financial advantages to homeownership. Will these help you in the long run? At the age of 60, you are looking at the prospect of retirement. How will this fit into your retirement portfolio? Once you have answered all the what-if questions, you will feel better about your decision whether to keep renting or invest in your own place.
0 votes Thank Flag Link Mon Sep 17, 2007
Renting may not be a bad choice. Other choices could include mobile homes, townhomes or co-ownership real estate. Find a local professional through sites like Active Rain. You dont have to pay to connect with a local professional and you can do some additional research there before making a decision. I have provided the link below.
Web Reference: http://www.activerain.com
0 votes Thank Flag Link Mon Sep 17, 2007
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer