Let’s say that you have raised your children and are now retired. While having more free time on your hands is great, that does not mean you necessarily want to spend it all taking care of a big house you may no longer need!
In this article, we will discuss four great tips if you are a senior looking to buy a new home.
1. Think about how much space you will truly need
How big is your current home? Does it have several bedrooms, a family room, and a finished basement? While all this space may have been necessary when raising a family, now it is probably just a lot of extra rooms that you have to keep tidy and maintain! You will likely want to downsize into a smaller home or even a condo that is a lot less work.
2. Find a home that is appropriate for your age
As you age, you may require more help, whether that is medical help, assistance with housekeeping, or both. Even if you do not need a lot of help, you will still want things to be as easy as possible. Buying a condominium or a smaller home with a bedroom and shower facilities on the first floor will make life much easier for you in the long run.
3. Pick a location that is near important places
Another crucial factor to remember when you are house hunting is to choose a location near important places. You may not always be able to drive, so finding a location that offers public transit or is accessible to taxis is vital. You do not want to feel trapped at home, so finding a location with services such as libraries or supermarkets within walking distance is also nice.
4. Shop around to find a mortgage that suits you
Finally, it is important to shop around for low mortgage rates when searching for a new Toronto home. Mortgages have likely changed a lot since you first bought a home. Or, perhaps you have always rented, and this will be your first mortgage. Either way, it is vital to take the time to look around for a low mortgage rate.
We Can Help You Find Low Mortgage Rates If You’re House Hunting
When you come to Northwood Mortgage, you aren’t just getting limited mortgage options like you would at your neighbourhood Toronto bank. As professional mortgage brokers, we can shop around to ensure you have access to mortgages from various sources—everyone from credit unions to private lenders—to make sure you get a low mortgage rate.