GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
it’s possible for you to read more about oureditorial guidelinesand our products and servicesreview methodology.
Most people in retirement are more in tune to costs than first-time home buyers.
This usually isnt their first rodeo said Jeff Lichtenstein, CEO and broker atEcho Fine Properties.
However, people who buy homes in retirement often buy in a different era of time and different area.
Different eras have different rules and different areas have costs that a retiree might not be accustomed to.
Special assessments can also add significant expense.
Or you might not be able to recoup some costs due to HOA rules.
Know your HOA rules, Lichtenstein explained.
Style
Shifting trends in home styles arent always just about personal preferences.
Style changes are a hidden cost, Lichtenstein said.
Maintenance
Maintenance costs can also sneak up on you, especially if moving to a new area.
In 1990, an appliance might have been built differently and lasted 40 years.
My mother-in-law just replaced a dryer that was built in the 1960s, Lichtenstein said.
For example, you might be unaware of whether thebuyer or sellerpays for title insurance, Lichtenstein explained.
Also, some states require a real estate lawyer to be part of the transaction.
Meet on the subject of this before you dive in looking, Lichtenstein said.
Create a spreadsheet of what the rules of the road are and all costs involved.
Do an interview of a buyers agent the same as you would a listing agent.
That can help you save money by avoiding taking out a loan, for example.
More From GOBankingRates
Share This Article:
