When you enter your 60s, life starts to change. If you're like most people, your kids have moved out by this point. If you're not retired yet, you're likely planning to retire soon. Along with these life changes, you may start to think it's time for a new home to accommodate your changing lifestyle. Perhaps you no longer need those extra kids' bedrooms, or maybe you want to move to a more retiree-friendly area. Buying a home in your 60s can be a good move, but it also comes with some intricacies. Keep these factors in mind if you decide to go this route.
It's possible to downsize too much.
If you're currently living in a large family home, you may be looking to downsize with your next home purchase. But keep in mind that over-downsizing is a possibility, and it's actually quite common. If you're used to living in 2,200 square feet, moving into a 900 square foot ranch, for example, may leave you feeling claustrophobic. Consider going one step down instead of two or three. For instance, moving from a 4-bedroom, 2,200 square foot home into a 1,500 square foot 3-bedroom is likely to ease up your home care responsibilities without leaving you feeling cramped.
Your needs are going to change over the next two decades.
Right now, you're probably still quite agile. You may be able to scale a staircase without worry and the idea of being wheelchair-bound may seem far off. But as harsh as it is, the reality is that in a decade or two, you're likely to face challenges with mobility. So if this home you're buying does not have wide doorways, handrails, and other accessibility features, you'd best make sure that they can at least be added when you need them.
Moving too far from family will mean you don't see them as often.
Realize that even though your kids love you, they are probably at the stage in life where they're running around after their own children while juggling jobs and perhaps a long list of other responsibilities. As much as they want to visit you, if you live more than a 15 or 20-minute drive from them, they may have a harder time fitting visits into their schedule. Take this under consideration when you choose the location of your new home. Living right next to your adult children is probably too close, but living an hour away is probably too far.