A Guide for Homebuyers of Any Age

A Guide for Homebuyers of Any Age

A Guide for Homebuyers of Any Age

Whether your homebuyer is 25 or 52, you’re here to help them lock down the home of their dreams. But depending on their age group, your buyer may be facing down different obstacles. Being aware of that can help you be the best guide on this home buying journey, no matter their age. For aspiring homebuyers to those ready to retire, follow these tips to help your buyers.

20s and 30sFor aspiring homebuyers in this age range, money tends to be tight. This can easily lead to buyers getting tempted by the low numbers of an adjustable rate mortgage – which could result in buyers being in over their heads in a few years when the interest rates change. To help these young buyers, you can make sure they’re fully informed on government-backed loan opportunities, state-sponsored grants, and other programs designed to help homebuyers with limited financial flex.

It’s also important to make sure these young buyers consider the future. A small place may seem right now, but if they start a family a few years down the line, they may lose money being forced to sell earlier than is ideal.

40s and 50sIn this range, buyers are usually fully established in their career paths and may be overly comfortable with throwing a little money around. But if they aren’t careful, they could end up with a budget that they can’t maintain. Would a major life change like a layoff or a career shift compromise their ability to pay their mortgage on the expensive new place they’re eyeing?

When working with buyers in their 40s and 50s, it’s a good idea to encourage careful review of their budget. Help buyers differentiate between “wants” and “needs” to make sure they don’t overreach.

60s and upWith retirement on the horizon, a lot of homebuyers around this age are looking to downsize, and perhaps move to a location with a warmer climate. But when swapping states, it’s important to familiarize themselves with the new location year-round. Encourage them to visit their new location in the heat of summer and the dead of winter to get the full picture.

If your older buyers are planning on being “snowbirds” and going between two homes depending on the season, just make sure they can afford to keep up with both mortgages and expenses all year long.

People buy houses throughout their lives for different reasons – knowing those reasons well can help you help them most effectively.

The Jim Passi Team at Citywide Home Loans proudly serves Illinois, Wisconsin, Michigan, Indiana, Georgia and Flordia. If you are looking to buy a home or refinance, we have you covered. Apply Now to get started.
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