You don’t have to be 25, young, and in love to find yourself at the altar. In fact, nearly 70% of those of us in the 55 to 64 year age range are likely to get remarried after divorce, according to Pew Research Center. Chances are that you will also buy a house together. While you have both likely already been there and done that, there are a few things worth discussing between yourselves before you share a deed to a house.
In today’s blog, our guest Andrea from eldersday.org shares tips on how how to buy a home as a newlywed senior and some of the pitfalls to consider when doing so. As the data shows, this happens more than most people think. It could be two friends reconnecting after many years apart or totally new acquaintances that just happen to find each other. Regardless, here is what you should consider.
Know what you can afford
This is one part of the home buying process that actually has nothing to do with age. But, it’s worth noting that you should take a close look at both your income and your target hometown to make sure that you can afford what you need. It’s helpful if the region has appeal and attractiveness, which may lure affluent clientele. This is especially important if you’ll be bringing a home business with you.
Consider adding to your income
If you don’t already have a business, Seeing It Clearly Now notes that your senior years are a great time to start one, and having the extra income might even help you qualify for more home if you need more space. Fortunately, you don’t actually have to get a nine-to-five, and you can work as a freelancer on your own schedule. As an added benefit, you’ll get to spend more time with your new partner. Something to keep in mind here is that it might make sense to form an LLC.
This can help protect your new home in case something goes south with your business. It’s relatively easy to get started, but you will need to learn the guidelines for how to start an LLC in your state. First, go online and read up on reviews and the costs of the best available formation services, then make your pick based on factors like services that are provided long term and affordability.
As a side note here: learn how to market your side gig. You can still use good old fashion business cards as a way to leave a tangible reminder of your meeting with a new client or business partner. If you don’t have graphic design experience, look for a design program online that lets you change your colors, text, and other visual elements.
Hire a realtor
Hiring an expert agent will help to ensure that you’re buying a home that you can actually afford. They will work closely with you and your mortgage lender to make sure that you don’t get in over your head. Perhaps more importantly, agents that are intimately familiar with the area can help you find the perfect neighborhood for your newly blended lives. Make sure that your agent knows if you plan to start a home business or if you need extra room for the grandkids to come visit.
Have the tough conversations early on
We’ve covered the practical aspects of buying a home in your senior years; now comes the emotional conversations. If you’ve already reached retirement age, you’ll need to take a look to see if getting remarried affects your Medicare or other retirement benefits. Plus, now is also a great time to think ahead for your and your spouse’s long-term care needs.
You also want to talk about money, especially if you plan to keep your finances separate. While many couples choose to combine incomes, WeddingWire asserts that keeping separate accounts can help you retain some of your freedom, which is crucial if you’ve been single for some years and are used to doing things on your own terms and in your own time.
Getting married and buying a home is exciting, no matter what age group you fall into. As a senior, you already have the experience, patience, and calmness to get through each process. But, that doesn’t mean that you can do so blindly, and taking the time to have the tough conversations now will ensure that you and your new spouse stay on the same page. If you need to earn some extra income, you can also find work freelancing or start your own business.
Secrets of Aging shares tips and techniques on how to look and feel younger. Connect with us today to learn more!
Leave a Reply