Profile picture for jvala1

Should I buy a home at 73.

I am 73 in good health and retired and my home is paid off however, I live in a two story home and don't know how long I will be able to go up the stairs. Our home will net $420K. Car will be paid off in november.My soul income is soc. sec. I am pre-approved for an additional $100K with a payment of $684 a month. I would like to buy another home that sells for $475K. Should I buy?
  • March 24 2013 - Anaheim
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Answers (6)

Profile picture for Bill Eckler
Your needs, both now and future are real......there's absolutely nothing wrong with planning for the future. As a matter of fact, it's down right smart!
What you don't want to do is plan thing to financially close and not leave enough room for unexpected expenses.

I would prefer that you didn't reinvest 100% of your equity in your new home and saved some portion as your reserve fund. It's nice to have a little something to fall back on.....

Good luck,

Bill
  • March 24 2013
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Profile picture for hpvanc
Is your question whether you should sell and buy a different property, or whether you should sell and rent?  If it is the latter I recommend paying for a consultation with a financial adviser.
  • March 24 2013
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Profile picture for Rada Ann Labe
Best to do your homework first, as you are starting to do.  It's always good to talk to a mortgage broker - either an independent perhaps recommended by a local realtor, and/or your bank's mortgage dept.  They should be able to give you the exact monthly figures you will need.  You can also talk to your accountant to check on  your home deductions, mortgage payments vs. your income. 
so when all this information still points to YES, buy a home, then it's a go.  Take your time to find the right place.  There are many over 55 communities that perhaps you would like.    I'm in North County San Diego, and the homes are great in these communities, with lots of activities going on all the time. This might appeal to you--- good to check them out.
Best of luck to you...
  • March 24 2013
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Hello.  Congratulations on paying off your house.  Now, the question is, should you buy another property at 73.  My first impression is, "absolutely."  You have shown that you are a responsible borrower by paying off your house, and no one could prevent you from fulfilling another American dream of homeownership.

However, it seems that the real challenge you have with your two-story home is the issue of "going up and down the stairs".  It is physically tasking.  Most importantly, it is unsafe for you.  You have many options, but my first inclination is for you to (1) rent out your house and, then, rent a one-level property at the location that fits your lifestyle, such as close to the beach, church, restaurants, parks, etc. You may also (2) rent out your house and purchase another one.  Or (3) sell your house and purchase another one.  But my first advice is a simpler solution, and it gives you an option to leave the next location should you find it undesirable.

Either way, please call me at [deleted by Zillow moderator], if you want to look into other preferable options.  Good luck and thank you for reading my post.

Bernie Santos (CA DRE No. 01765637)
 [deleted by Zillow moderator Please see our Good Neighbor Policy for posting guidelines]

  • March 24 2013
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Yes, Anaheim area, as well as Orange County in general, is perfect for that price level of home.If you can afford it, go for it.
  • March 24 2013
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Profile picture for wetdawgs
If your home is livable for aging in place besides the stairs and you like your home, neighbors etc, the first thing I'd do would be to talk to the various companies that install stair way lifts to see if your stair way configuration would be compatible with a lift.   (Such a modification would be considerably less expensive than selling and then buying).

If that isn't a possibility, then planning ahead is prudent.   It is far easier to take the steps to move, downsize etc now when you are fully mobile, mentally competent and healthy than when the body starts to decline.    In addition to use of the home (e.g. stairs, width of doorways), home maintenance tends to be harder when you age so is a single family home the best choice or would a town home or the like be a good choice?



  • March 24 2013
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