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A Senior Citizen’s Guide on Buying a Home

By Natalie Jones, natalie@homeownerbliss.info

Buying a home can be both a challenging and rewarding process, regardless of your age. But for senior citizens, they may have to consider additional aspects of the home-buying process, such as different loan and mortgage options, the type of home, and choosing the right lender. Fortunately, there are many types of resources available that will help a senior citizen with the home-buying process, such as enlisting the help of professionals. Here is a brief guide on how to buy a home as a senior citizen.

Finding the Right Home

Choosing a home for a senior citizen is different than buying a home as a family or as an individual. Here are a couple of important aspects to consider:

  • Look for wide hallways and open spaces. These not only make movement easier, but they also create space for wheelchairs and walkers. This also goes for the bathroom.
  • Look for a home that doesn’t include stairs. Senior citizens may have a hard time walking up and down a staircase, while others may rely solely on a wheelchair.
  • Choose an ideal location. Aside from climate, a senior citizen may want to be near a hospital or clinic for health care purposes. Being near an airport may also be ideal for families and friends that may want to visit.
  • Consider ample storage space. Senior-friendly homes ideally shouldn’t have hard-to-reach places that may require bending, stretching, or climbing. Some homes also have large pantries and fixed-attic staircases.

In addition, it’s also important to consider if a senior citizen has or wants a pet. Certain condos and senior communities may also not allow pets, so check with a landlord for pet-related questions. Consider how much maintenance may have to be involved with a home, such as lawn upkeep and snow removal (the national average cost to mow and maintain a lawn is $75 – $100).

Navigating Financial Options and Challenges

While the median sales price for a home in Asheville is $309,000, fortunately for senior citizens, mortgages are becoming easier to get approved for. Seniors can now use the balance in their IRAs, assets, and retirement funds to prove their earnings without withdrawing any money. A variety of loans are also available for seniors, depending on what they qualify for. An important aspect to consider is how long the loan term should be. For some seniors, a 30-year mortgage may be ideal due to low monthly payments. HECM is also a popular option for senior citizens, which requires the following:

  • Age of 62 or older
  • Current homeowner
  • Currently reside in a home
  • Paid of most, if not, all of the current home mortgage

FHA’s reverse mortgage program is also another option for seniors, which allows them to buy a different residence using extra money on hand. They typically pay the difference between the sales price and any proceeds from HECM.

Enlisting the Help of Professionals

Mortgage lenders have been known to take advantage of senior citizens, but thanks to the Under the Truth in Lending Act, lenders must now truthfully discuss relevant information with seniors. This may include the cost of the loan and terms of the loan. The Real Estate Settlement and Procedures Act has also become effective to protect seniors, which prevents the payment from any kickbacks. You can also talk to an accountant, broker, or attorney for mortgage advice before signing any papers.

Calculating How Much You Can Afford

To calculate how much house you can afford, it’s best to use an online calculator that may require the following information:

  • Current average APR
  • Monthly spending
  • Loan type
  • Annual income
  • Down payment

Online calculators may also provide information regarding property taxes, mortgage payments, and homeowners insurance.

Buying a house as a senior citizen doesn’t have to be scary. However, it’s important to consider what type of house to buy, as well as the various loans and mortgages to utilize. Factor in the above suggestions to make your next home purchase easy and affordable.

Photo Credit: Pixabay.com

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5 Things You Need to Do Before Looking for an Accessible Home

Planning on buying an accessible home? Well, strap in. Buying a house can be an overwhelming process, and there are some very crucial steps every new homeowner needs to take to be truly prepared. Here are five must-dos when you are purchasing an accessible home.

Pull a Copy of Your Credit Report

Before you begin searching for your next home, you should be vigilant about checking your credit report. There are several ways to get free copies of your credit report from the three bureaus. Once you have yours in-hand, comb through them to look for mistakes and opportunities to improve your score. Disputing errors is a good first step, but you may need to do a little more work to get your score up to par to buy a house. Know that whatever your credit plan may be, it will likely take time to see any significant difference in your score. So be patient, and your hard work will pay off soon enough.

Put Together a Debt Reduction Plan

Whether you need to work on your score or not, it’s always a good idea to pay down your debts before you sign up for a mortgage. It’s also a good idea to factor your home buying costs into your overall budget, as well as your debt relief plan. Calculate your expenses and income, and then figure out what your mortgage and other housing costs may look like. Moving is always stressful, so you may want to allocate some of your budget to hiring some packing help, so be sure to research companies in your area to get the best pricing.

Research Possible Financial Assistance

You would be wise to use an online calculator to determine how much home you can currently afford. There are several tools to choose from, but make sure the one you use has enough features to give you an accurate number. Because it can be so difficult to find an accessible home within a specific price range, you should also do your homework online to find financial assistance that may help you pay for your new home. There are several federally-funded mortgage programs that aim to help first-time home buyers, buyers living with disabilities, and homebuyers that may have less than perfect finances. As with any lender or financial agreement, be sure to read contracts in full so you understand what you’re getting into.

Make a List of Needed Features

We’ve spent a lot of time discussing finances. That’s because a focus on finances is crucial for potential homeowners. But if you are living with a disability, accessibility features can be just as important. So make a list of what you need to stay safe and comfortable. Basic accessibility can include wheelchair friendly doorways, ramps and lowered countertops. Your specific needs may be a bit different, however. For instance, if you have a service dog, you should look for a home with a fenced in backyard to make caring for your animal easier. It’s also important to read up on your rights regarding service animals, so that you can negotiate with HOA and neighborhood associations that may have questions.

Research Multiple Local Neighborhoods

It’s important to find a home that fits your needs, but you also need to find a neighborhood that fits. You can start by looking for a home in an area that is close to work and health providers, as well as access to public transportation if needed. If you have children, you will want to ask your realtor about local school districts. Safety is always a top concern for homebuyers, so you may also want to research crime statistics before you settle on an area. You can use online tools to look up this information, and to ensure the neighborhoods you are looking in will be secure and safe for your entire family.

Owning an accessible home can provide stability. But you have to plan ahead to avoid any additional stress. So be sure to check off these tasks and you will be all set to start searching for your perfect new home.

Photo Credit: Pexels

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3 House Selling Tips In Asheville

Selling your Asheville NC home is never a simple process. But it can be especially difficult if you have to sell your Asheville house fast. In this article, we will take a look at a few house selling tips in Asheville that will allow you to get a fast sale.

Tip #1: Increase The Odds

The first thing you should do to improve your chances of selling your house fast is to “stage” your home. This is when you make your house look as attractive as possible to potential buyers.

Consider the “curb appeal” of your home by putting yourself in the shoes of your prospective buyers. What do they see when they pull up in front of your house? Consider what type of relatively inexpensive, fast improvements you can make – such as landscaping or neatening up your front lawn – that will make your house more desirable.

If you don’t have time to clean the inside of your home yourself, spend a few bucks and have a local Asheville cleaning service do it for you. Then, once it’s cleaned, keep as many areas as possible off limits so that it stays neat and tidy. You may want to eat out until your home is sold!

If you don’t have time to do home staging yourself, there are plenty of local home staging companies out there… just head to Google and type “Asheville home staging companies”.

house selling tips

Tip #2: Upgrade

Ready for more house selling tips? Obviously, if you are going to be moving out of your home you don’t want to invest a lot of money in major improvements, such as a kitchen or bathroom remodel. But there are some more affordable upgrades you can make that will increase the value of your home and make it more attractive to buyers.

For example, if you currently have an old washer and dryer, replacing these with brand-new machines will only cost you a few hundred dollars but will substantially increase your home’s potential resale value. Plus, you can usually recover the cost of these types of upgrades –with interest – when you sell your home.

It’s not always possible to make the repairs and upgrades that are needed, however. If the work is more expensive than you can afford, feel free to call us at 828.713.3322 to get a fast-fair offer on your house, as-is.

Here at Asheville Fast Cash, we buy local Asheville houses and houses all around NC in any condition. So give us a try! Call us today and we’ll make you a fast-fair cash offer and we’ll do all of the work! 

Tip #3: Don’t Distract

When potential buyers look at your home, they want to see it as their new place, not your existing one.

Help build this illusion by removing everything that personalizes your home, such as family pictures, personalized art, and any type of clutter.

It may be worthwhile to rent a storage unit for the time you are selling your home and move as much of your stuff as possible there to keep it out of the way.

The more open space you can create, the bigger your rooms will look.

For local storage units just head to Google and search for “Asheville self storage units”and you’ll find a whole bunch of them!

House Selling Tips in Asheville: Conclusion

If you want to avoid having to do any of that and just want a quick and effective sale so you can walk away… we can help.

Check out our Asheville Fast Cash local home buying program.

Just reach out to us or fill out the form on this website so we can quickly look at your situation and make you a fast-fair cash offer on your Asheville house.

Just call us at 828.713.3322 or fill out the form to get more information sent to you right away.

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Looking For Home Buyers In Asheville?

We Analyze The 3 Ways To Sell Your Home In Asheville

If you own a home and are thinking about selling to home buyers in Asheville, you have a number of selling options available to you. In this blog post, we’ll look at those 3 ways and break them down to help you determine which way is best for you.

For most people, owning a home is the largest purchase of their lives. So it’s not surprising that the process of buying a home or selling a home can be extremely complex.

home buyers in Asheville

Over the years, three home-selling options have developed to allow homeowners like you to sell to home buyers in Asheville. As you think about selling your home, you need to decide which way to sell is best for you, given your goals and timeline to sell.

Not sure with of these methods below is right for you? Click here to fill out the form or call 828.713.3322 and we’d be happy to give you a no-obligation consultation

Home-Selling Method #1: Sell Through A Real Estate Agent

This is the traditional way to sell your home, so it’s also the most common. In this home-selling method, the homeowner chooses a real estate agent who will list the house.

The agent acts as a “middleman,” showing prospective home buyers in Asheville through your house until one of those buyers decides to buy. They’ll make an offer, the agent will negotiate on your behalf, and then you’ll close.

The timeline on this selling method can take months (the average is 3-6 months). Sellers who choose this method prefer to gamble on the timeline to do less work (the agent does the work) and with the hopes of selling at the market price. However, sellers who use this method will often need to spend money up-front to repair their house first, and then spend money after the sale on agent fees and commissions.

Home-Selling Method #2: Sell On Your Own

This method of selling has grown up in response to a desire to save money on agent commissions. The process is very similar to the above method of selling but it’s done by the homeowner themselves, and not by an agent.

The homeowner lists their house, shows it to prospective buyers, negotiates with the buyer, and closes the deal.

There are a lot of similarities – the timeline is usually the same and the homeowner will still have to pay up-front for repairs on their house to make it sellable. Sellers who choose this method don’t mind the extra work involved in showing their house; they usually choose this method to save money on commissions.

Home-Selling Method #3: Sell Direct To Home Buyer In Asheville

This method of selling is gaining popularity as homeowners look for a third way to sell. This process is very different – it’s also faster, easier, and doesn’t cost the homeowner anything (so it’s not surprising that this method is gaining popularity).

Rather than listing and showing the house or negotiating, the homeowner simply sells their house direct to a professional home buyers in Asheville with cash and who is ready to buy the house as-is right now.

It’s faster – the buyer has money and is ready to buy; it’s easier on the seller – there is no expense or effort to repair the house before it’s sold; and it doesn’t cost the homeowner anything – professional home buyers (like what we do here at Asheville Fast Cash) usually pay closing costs and fees.

As professional home buyers in Asheville, we love helping sellers sell their house faster, easier, and for no fees. If you want to learn more about our service and how we can help you, connect with us by filling out the form here or by calling 828.713.3322

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New Project- 83 Fair Oaks Rd, Arden, NC

We just bought this house from a very nice woman who unfortunately was given short notice that her late taxes had led to a foreclosure by the County. We were able to close the sale just before  the tax auction guillotine came down, buy her a nice house in Old Fort and leave her with $46k in cash.

It’s a 3/1 brick house on a full basement, badly outdated kitchen and bathroom, and generally cosmetically challenged. We’ll add a second bathroom, upgrade the first, then blast out the kitchen wall and make a much larger, nicer kitchen. We’re excited about this project!

Kitchen with room for improvement 🙂

House front

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Rehab Horror Stories

Use 531 JSR pics…

My very first investment purchase was a cute little 900 ft.² house on .6 acres of land very close to West Asheville. The house looked a bit rough, and per our initial inspections looked like it may need a fair bit of work in several different areas. As it turned out, not only the house, but the neighborhood was rough, and we had issues with repeated theft and vandalism during the rehab process. We also suffered the late realization that most of the large lot was not usable, since a small creek was piped under the front yard, and building was not allowed there.

Utilities were not on when we inspected and purchased the house, so we did not realize that the plumbing leaked- almost all of it. Our plumber dubbed it the Garjanguator 2000 and charges us $4700 to replace it all. Electrical and HVAC all needed substantial work as well. We also, despite a thorough inspection, missed a major foundation issue that was hidden in an extremely tight area of crawlspace, and required tearing out the floors, subfloors and joists to repair from above, then rebuild.

At this point I was over budget, completely out of money, and hadn’t even started with the major cosmetic upgrades which I had planned to use to add value to the home. I started working overtime at my contract job, stopped paying my quarterly income taxes, maxed out my Lowe’s card and my regular credit card, and finally completed the project six months after starting what was originally planned to be a six-week cosmetic upgrade.

Insult to injury came when the home appraised for $111,000, $36,000 less than what we had in it. I had no choice at the time but to take the resulting loan, leaving my entire life’s savings wrapped up in a project that ended up paying us about $2700 per year after mortgage and rental maintenance expenses- less than that same money would do in the stock market.

Battered but undaunted, I took out a home equity loan as well as a personal loan, and started looking for another house to buy. The market was very competitive at the time, and I could not find an affordable home to purchase. I did however find two homes sold together, in a decidedly subprime area of Swannanoa, one of which resembled my first purchase, and the other of which resembled a creation by the famous Dr. Seuss. The leaning chimney was affixed to the house with two coathangers strung together (pic here if I can find one- maybe in inspection report), and a large section of the foundation had been washed away and replaced with a huge pile of mulch.  In this case, the seller and I were both aware that the homes needed extensive work, and we started with a price that left us only $7,000 in the hole after appraisal, but with a remarkable, if decidedly funky, outcome.

Despite improvements, this project was far from smooth. Our main contractor at the time, who we no longer work with, delayed his start by a month, and ran into several logistical hurdles which put us two weeks from our lease start date with no running water, no closet, no kitchen, and an electrical system that would not pass code in Bolivia. As a result, I found myself jack hammering up the concrete slab at 1130 on a Friday night, hoping and praying that we could run a new sewer line, refill the hole with concrete, re-floor the entire downstairs, then coordinate the electrician and plumber to work overtime on the weekend so our tenants could move in as planned on Monday. Needless to say, I no longer sign leases until after projects are complete!

All of these issues pale when compared to the stress inflicted by indecisive lenders, who have oftener than not flailed at the last minute, leaving us twiddling our thumbs at the closing table hoping they will come through as promised. Banks are the number one source of stress for real estate investors, and I’m very happy to be gradually becoming less dependent on them.

More recently, we purchased a home that seemed structurally fairly sound even on careful inspection, but smelled so strongly of pet urine that the odor was notable from the driveway when the door was open. We quickly dubbed this the stinky house, and the name stuck- and stuck… Hundreds of hours of labor, 15 gallons of Kilz, New flooring, new trim, and 7 gallons of Pine-Sol failed to remove the powerful odor. We ended up having to start over, rip out the new floors we had put in, rip out the subfloors, and replace many of the joists which were literally rotting at their junctures with the subfloor, soaked with pit bull pee. Insult to injury came on this project as well, when the adjacent building lot we had purchased with the house failed its perk test, making it worthless. This project was another loss, but as the famous rock band Heart says,  “what the winner don’t know, the gambler understands”

It’s a good thing I’m a gambler, and a good thing that the wins mixed in have kept me afloat to weather the losses. I’m happy and proud to still be standing, and still buying homes.  ?