Ask Terry Questions Real estate

Real estate

By Terry Savage on December 14, 2022 | Housing / Real Estate

Hello Terry,

I’m 53 years old and have never purchased a home. I’ve had an aversion to being tied to a mortgage because I liked to move around, and I’m ready to settle in an area. Is it beneficial to me at this age to purchase a condo or townhome, or should I wait two years and move to a senior citizen community?

Thank you!

Terry Says

Did you read my recent article on retirement communities? Some offer continuing care options and others just offer meals and a sense of community. This is a good time to start doing some research, although many do have an age limit of 55.

And, of course, a lot depends on where you can earn money to pay for this lifestyle. I’m assuming you have a job, good credit, and could afford to buy a home, as an alternative. You have a decade until you reach the age to take reduced Social Security benefits– and even that would be a mistake. There’s a lot missing in your question so it’s hard to give specific advice.



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