In 2016, 30 percent of all homes were purchased by individuals between the ages of 52 and 70. Another 8 percent of home purchases were made by those between the ages of 71 and 91. While there is no age at which it is too late to buy a house in Wisconsin, there are a series of questions older people may want to ask themselves before making a purchase.
First, it is important to consider whether or not buying a home is a good financial decision. This is because a person’s income may drop after retirement or if a spouse passes away. Those who plan to work later in life may be forced to retire or otherwise stop working sooner than they planned. If a person feels like buying a home is a prudent financial decision, the next issue to consider is whether a home fits into his or her retirement lifestyle.
It is generally not a good idea for a person who is close to friends and family members to move far away from loved ones. Furthermore, it is not ideal for someone who doesn’t like doing housework to move into a home that requires a lot of maintenance. The home should also still be suitable for an individual if his or her health starts to decline over time.
There is rarely such thing as a typical real estate transaction. Therefore, it may be a good idea for an individual to consult with an attorney prior to closing on a real estate deal. It may make it easier for a person to understand what he or she is getting into before becoming obligated to make mortgage payments or maintain the home. An attorney may also be helpful if there are issues with the home’s title at any point.