Retiring in Las Vegas: A Senior’s Guide to Buying a Home
Posted by New Home Resource on November 5, 2018 in
Shopping for a new home is always an intricate process, but buying a home in Las Vegas as a senior brings additional considerations to the forefront. Thanks to perks such as low tax rates and an awesome climate, Nevada has the fifth-largest number of migrating retirees (those relocating after retirement) in the country. Whether you are relocating or already a Las Vegas local, there are a few extra items to ponder before signing on the dotted line.
Location, Location, Location
Location is one of the biggest factors in any real estate purchase decision, but for seniors, there are other important deciding factors to consider. If you are limiting your driving or rely on public transportation, choosing a home that is close to grocery stores and other essential retail shopping allows you to buy what you need when you need it without worrying about how you’ll get there and back.
Also take into consideration where you’ll need to travel for medical care. Las Vegas may seem like a small city, but it can take more than an hour to drive across town. If you live in one area and regularly see a specialist in another, that adds up to a lot of time, vehicle wear and tear, and gas mileage.
Most home buyers know about the upfront costs associated with purchasing a home, but it’s the ongoing costs that pose a financial threat for seniors who are on a fixed income. Things like leaky windows aren’t just pricey to replace; they also result in higher utility bills in the interim. From rising property taxes to homeowners insurance to community HOA assessments, the wrong house in the wrong area can result in unexpected financial strain seniors may struggle to deal with.
Seniors buying a home in Las Vegas should consider not only what they need today, but also what they may need in the future. It’s not always pleasant to consider the physical limitations that come with age, but a little foresight now can save a bundle later.
Remodeling an existing home to be more accommodating is a complex and costly process. It could include removing stairs from the home’s entrance, widening doorways and hallways, adding handrails, changing the height of countertops and light switches, installing grab bars in the bathrooms as well as comfort-height toilets and a walk-in tub.
While few people will buy a home with all of these features already included — especially when not all of those features are immediately required — choosing a single-story home with wide hallways and a smoothly paved entryway could save tens of thousands of dollars should your mobility become limited.
Potential Resale Value
While younger buyers may be searching for a dream home they can grow into, for seniors, the end goal is different. Being comfortable in your home for the length of time you reside there is critical, but it’s also smart to consider how easy it will be to sell the property if you eventually decide to relocate to one of the many assisted living communities in Las Vegas.
The Las Vegas housing market is one of the hottest in the country. With home values and demand both increasing, seniors shouldn’t have much difficulty selling their home when the time is right. The process is even easier when you enlist the services of a local real estate agent who can help you evaluate potential properties for suitability as well as resale potential.
How much work do you want to do on your home? The lack of grassy lawns in Vegas pretty much guarantees you’ll never have to worry about mowing, but there are other tasks that come with a higher-maintenance property. You might not be willing or able to garden every day, sweep a large patio or tend to a pool. Recognizing that up front allows you to eliminate unnecessary features and focus your energy — and your budget — on the kind of property that fits your activity level and abilities.
To keep stress at a minimum, look for properties with desert landscaping that requires little weeding, pruning or watering. Do without a pool, or choose a community with shared amenities overseen by HOA-funded grounds crews. Finally, don’t forget about all that extra space; investing in more square footage than you need just means you have more to clean, heat, cool and furnish.
If you are a senior looking for a new home, and/or planning to relocate to Las Vegas to enjoy your retirement, our team at New Home Resource can help you find a property to love!