Some things in life come with an age cap. Fortunately, purchasing a home is not one of them. Whether you’re downsizing from the family home, or moving into that perfect abode in a warmer climate that you’ve always dreamt of, points of consideration have more to do with budget than the number of years you’ve accrued.

Once you leave the work force, you won’t be getting a regular paycheck. Unless you’ve developed a retirement career, alternative streams of revenue or have become independently wealthy, you’ll be living on a fixed income.

It’s important to recognize that your income may not increase at the same rate as the cost of living. But even that doesn’t keep you out of the buying game. While being retired and purchasing a home has its own unique set of issues, before plunging in to home ownership weigh the benefits and the risks.

Home ownership definitely has it’s perks. From painting the walls whatever color you choose to knocking down walls and changing the carpet. Want a garden? No problem. A walk in tub? Of course. You’re only limited by imagination and budget.

Sometimes owning a home can be less expensive than renting. For some, building home equity is important. A home offers financial security. Once you own your home outright, you won’t have monthly mortgage payments. And if you do have a mortgage, locking a fixed rate means your payments will not go up.

Whether you like a house with good bones that can be renovated (older home) or you don’t want to swing a hammer at all, (a new build) there are plenty of options. Still love raking, mowing and gardening? You might like a home with a decent yard and room for the grandkids to play. You can also choose a home that matches your maintenance preferences. Not into yardwork and shoveling? You may prefer a townhouse or condo.

If you plan to travel and see the world, or have plans to move to another state or country in the near future, buying a home may not be your best option.

Although it’s a prickly subject, in the recent past home values have dropped off and many found themselves upside-down in their mortgages. Questions you want to ask yourself, is would you rather rent in your retirement years or pay a mortgage? Might it be possible to delay retiring to pay off the house?

Owning a house carries a price, of course. When appliances break, or the dwelling gets damaged, sometimes it’s more expensive than renting. You or someone you hire will be doing the repairs. Keep in mind those things that will continue to rise in price, like insurance, property taxes and other fees.

None of us can predict the future, but it’s wise to consider some of the additional possibilities that often come with aging. Will owning your home still be affordable if you or your spouse should fall seriously ill, become unable to drive or pass away? Do you need to be close to emergency services or friends and family members who can check in periodically or come to your aid if you or your spouse should fall?

Home ownership in your golden years can be a joy. Maintaining your independence, pursuing hobbies and interests and enjoying the rest after long years of work and responsibility. Sitting on your porch looking over your property and considering the accomplishments of your life, surrounded by loved ones, should be a wonderful experience. Retirement years can be a time of renewal, discovery and adventure. If you’re retired and have questions about home purchase or even refinancing to stretch those retirement dollars, please give us a call at 614.891.9000 and see what options are available to you. If you’re interested in prequalifying, visit our secure quick application. If you happen to be on Facebook , stop by and say hello.