Posted By 
By Sharon Wagner
Special to the Financial Independence Hub
Buying a home and preparing for retirement can be stressful enough on their own, so when the two intersect it can be easy to feel like you’re in over your head. With some careful planning, you can avoid a lot of the headaches that often go with buying a new home. These resources can assist with making informed choices when it comes to budgeting for your new home and your move.
Planning & paying for your new home
Money can be tight in retirement, so it’s important for you to think carefully about all of the potential expenses that can come with purchasing a new home.
Address retirement finance concerns before diving in; you can access reliable information through Financial Independence Hub.
- Spend some time refreshing yourself on the ins and outs of mortgages.
- Begin running through this closing checklist for buying a new home.
- There are programs that make qualifying and paying for a mortgage more accessible, especially for veterans.
Preparing for the costs of Aging in Place
Aging in place features are important for seniors, so make sure you know which features to look for and what costs to expect.
- The average cost for aging in place modifications is right around $10,000.
- As you calculate your home budget, be sure to include these costs.
- You may also be able to negotiate a lower price on your new home to offset the added costs of making modifications.
- Or you can look for financial assistance that will help you pay for needed changes.
Decluttering & downsizing your current home
Cut stress and expense by decluttering and budgeting for help.
- A senior move manager can make downsizing your belonging so much easier.
- When decluttering, work your way through every room in the house.
- Sell your clutter using garage sale apps.
Budgeting for & planning your move
Proper planning can help you save on your move and avoid paying for unnecessary expenses.
- Moving apps can ensure you don’t miss critical steps.
- If you plan on hiring help, you can also use review sites to find average rates for the best companies in your area.
- One way to save on moving expenses is to pack your own boxes.
As a senior, you already have enough to worry about, without stressing about whether you can afford a new home or a move. So save yourself some hassle by using the resource above to stick to your budget and save money each step of the way.
Sharon Wagner is a former bank manager who now spends her time helping seniors reach health and well-being goals. When she’s not helping others, Sharon spends time traveling with her husband, Dean.
