Buying Real Estate at an Older Age is a Dilemma Many don’t want to Face

It’s a fact that stats concur; the vast majority of older Americans want to age in place in their homes, a familiar setting with people they know, trust and love. 

Whether still living in a rental where the monthly fees are soaring or a large home that needs regular, expensive repairs, has stairs and seems lonely with so many empty rooms, many aging folks are realizing these places don’t work for them any longer. 

Do you go through the ordeal of decluttering and finding a new place, even though you know inventory is in limited supply and the process is such a hassle? Do you take the easy way out and find a very reasonable but nice rental or buy something small, though so many say that buying when you’re older doesn’t make the same financial sense, especially if you need to take out a mortgage. You really don’t have a long timeline to build up equity. 

We’ve both been through this debate and drawn up our yellow-pad list of pros and cons, sought others’ opinions and read the real estate and financial pundits’ online thoughts. In the end, however, we know it has to be our decision. We all have dissimilar needs and requirements, different budgets and taste. 

Since we always like to share our quandaries and sometimes our solutions with you, dear readers, here are a dozen questions that we found useful as we have debated this question: 

1. How much space do you really need, not how much would you love to have?The question at this stage is all about use. Don’t worry about housing a grown child when they visit once or twice a year. Same with friends. You can have a blow-up mattress, futon, sleep-sofa or put them up in a nearby hotel or Airbnb or VRBO. Bigger means more maintenance and costs and you’re trying to scale back on expenses.
2. Do you have room to house a caregiver if that need arises, temporarily or more permanently?Again, you don’t need lavish quarters but a small area with a comfortable bed. The person can share your bathroom; of course, a separate one is a plus. The need could arise if you have a hip or knee replacement or have dementia and need someone far longer. Stuff happens as we age, so get realistic.
3. How much room do you need for your stuff? Here’s a painful question. You may never have decluttered, and you can’t imagine parting with your kids’ childhood American Girl dolls or your late husband’s vinyl record collection. Well, get over your internal angst. Time to pass the dolls on to children in need or donate. Take snaps of what you love and know there’s no room for. Giving to a worthy cause is a kind deed.
4. What have you loved most about various homes?If it’s the walkability to favorite neighborhood shops or proximity to cultural offerings—museums and concert halls, make that a priority. If it’s access to a public library, put that on the list? How about good medical care; everyone aging needs that. If no home or apartment is available within walking distance, research public transportation, and if you still drive (and that could be short-lived), parking spots nearby. Also, be realistic about how often you need those. If you loved most the camaraderie in your ‘hood—whether neighboring houses or apartment dwellers, try to find a similar situation. Again, make a list and prioritize.
5. Look at places and jot down square footage.This can be a good gauge as you look. If just you, under 2,000 square feet may work quite well. If a couple is used to lots of space and storage, a larger space might be prudent. However, over 2,500 or closer to 3,000 may be just too big. How rooms are laid out and if there are hallways will also be a factor. But know that less space can be liberating! Getting rid of stuff you no longer need is also liberating.
6. Are you ready to be flexible and compromise on what you think you want? Nothing is perfect.You may have to master this trait as you look, depending on your pocketbook and timeline. You don’t want steps but there may have to be a few maybe into the building or in your future condo or home. Perhaps you can put in an elevator, but if there are steps leading up to the home or building, think twice about how long you’ll be able to manage them. You may insist that the primary bedroom or only bedroom is on the main level, but if this just doesn’t come up in your price range, know that going up and down stairs can prove good aerobic exercise. Just be sure the stairs are wide enough to navigate and have a good railing to grip. If you had really dreamed of a view of water or a park, and it isn’t available, reassess. Maybe a park is a block away and you can regularly visit or go there to walk your dog. If you had wanted to keep a car and the building in a city doesn’t have a garage or its monthly charge is exorbitant, think about giving up the car. Big savings. It’s also wise if you don’t own a car, there are cheap one-day rentals or using Uber, Zip or cabs as alternatives. 

7. Are you ready to do a little work?You may not want to especially if you’ve remodeled a lot in your past or you hate the idea of having to find workmen and wait for projects to be done. You wanted move-in ready for everything but again is that realistic in your price range? Perhaps it only needs cosmetic changes. Maybe, you can find a good contractor and make tweaks—replace the countertop or shower, build another closet or bookcase or stain the floors? These jobs may prove cheaper and have your stamp upon them, rather than finding a finished “perfect” home. Then again, rarely is anything perfect.
8. Are you knowledgeable about universal design (UD)?This concept equalizes design for all ages and helps people age in place safely whether it means adding a grab bar in the bathtub or shower to grab, a zero-threshold shower without a curb or step to enter, wider doorways than normal to meet wheelchair or walker access down the road. You’re buying or renting for now, but you need to look ahead to what you may need in five or 10 years. And the good news is that such additions no longer look institutional but have become attractive. Accidents happen at any age, not just to the elderly.
9. Have you investigated the use of some high-tech items in your next home that can be a boon to the aging population?In certain cases, technology can be your friend. This may include such hands-free items as a smart faucet that gives you an exact cup of water for a recipe or coffee or turns off automatically if the user forgets to shut it down. How about an oven that lets you know with an app on your phone that you’ve forgotten to turn off a burner? What about a refrigerator that tells you when your food has spoiled? A dishwasher that shuts off when the dishes are clean. This will trim your water and energy bills. What about apps on your phone to control the oven or the temperature of your home when you’re away? If you’re skittish about technology, find a good computer guru or teenager to set things up for you and explain how to use what you need.
10. Have you consulted a financial professional to assess what you can and cannot spend? You don’t want to hold back when you can afford that extra half bathroom or a slightly bigger space you really want, but you shouldn’t go overboard and opt for the too expensive place that you’ve heard tends to have surprise assessments. Live within your means, and you’ll sleep better at night.
11. Have you planned a timeline?Finding a place takes time; selling or getting out of a lease takes time. Work way ahead so you can hope the stars align. First step, make your list of what you want with pros, cons, and priorities; second step, declutter; third step, get out and look and share with others so they can let you know if they hear of something suitable; fourth step, find a good Realtor® and interview a few; fifth step, trust your gut; it often steers us right.
12. Be aware that situations change.Know that you may hope to stay in your next place forever, but situations arise. It may be too expensive or, too far away from what you love, including family who are now asking you to come closer. Or your health could change so much you may have to go into an assisted care facility despite your best planning. Don’t beat yourself up; you’ll rise to the occasion again. 

Where to spend our last years is a hard reality that many of us don’t want to face. We’ve heard some say, “Oh, I don’t need to deal with that now, I’m only 72.” As with anything, it’s up to the individual, but no one wants to move or make these huge decisions (or have them made for you) in a crisis.