by JEAN RILEY | Special Advertisement

Top Considerations For Buying A Home At Any Age, Cont.

Tips for 30-Somethings

Reevaluate your lifestyle and priorities. What has changed in your life since your 20s? Is it time to upgrade to a larger home to make room for your growing family? If you have children, considerations should be made for school district and access to major amenities like grocery stores, doctors’ offices, hospitals, and schools.

Exercise restraint with a ‘fixer upper.’ Purchasing a home in need of upgrades can be an exciting challenge for many home buyers in this life stage. But be sure that any improvements made to your home don’t exceed those of the average home in your neighborhood. Go overboard on improvements and upgrades and you may not get that money back when you sell if it is beyond the value of the area.

Tips for 40- and 50-Somethings

Think about a downsize. Are you an empty-nester or close to it? If you’re on the verge of a new stage in life, downsizing your home to a smaller, more manageable home can give you the freedom to enjoy traveling and the experiences that come with this life stage. Downsizing will generally lower your mortgage payment and can help reduce monthly expenses freeing up more money for your retirement, upgrading your home, traveling, and more.

Consider ways to pay off your mortgage. If you have extra cash each month, putting more toward your mortgage may be a smart financial move for you. Refinancing to a shorter-term loan may be another option. Of course, when you pay off your mortgage, you’ll miss out on some of the tax benefits, so be sure to talk to a financial advisor to determine the best move for you.

Buying a home is a process, but comes with many benefits, no matter your age. Whether you’re ready to take the leap from renting to homeownership, need to upsize for a growing family, or are ready to downsize and enjoy retirement, PrimeLending can help you secure the financing for your dream home.

rew_centermaclogoJean Riley

Professional Real Estate Consultant
DRE # 02004228

Nick Harris

Production Manager, Sr. Loan Officer, PrimeLending
NMLS: 176969

Centermac SD, Inc.
9888 Carroll Centre Rd., Ste 200

San Diego, CA 92126