Step #6- Copies of Contracts
While you're touring there will likely be 1 or 2 housing communities that stand out from the others. Those are the ones you'll want to go back to for a second visit. When you go back for a second visit to inquire about contracts, and move-in-dates be sure to bring someone with you! The person you bring with you should have some experience with senior housing, and someone you trust to help you ask questions. I don't always go with my clients when they purchase their new condo or townhome, but I do give them a list of questions to ask! You'll want to get a copy of the contract and paperwork you'll be asked to sign. THIS ISN'T THE TIME TO SIGN THAT CONTRACT! This is the time for you to get copies so you can bring them home to look them over.
Step #7- Re-visit with your financial advisor
I know this seems redundant with step #4, but now that you have information on the amount of money you need for: a down payment, taxes, association fees, utilities, garages, meals, etc. your financial planner can help you plan the best way to buy your new home. For some of you, you'll buy your next home outright and avoid a mortgage, for others you'll take a mortgage with a small monthly payment and re-invest the equity you had in your home. There isn't a right or wrong way to do this, but it's something you'll want to decide before your purchase your next home. You don't want to miss out on a key decision that could a) increase the amount of money you have to spend each month b) decrease the amount of money you'll spend on interest.
I've been slowly adding to the steps an elder takes when making a move. Here are the articles in this series:
- Step #3 to senior move plan - don't procrastinate
- Step #4 - can you afford the home you want?
- Step #5 - Tour Senior Housing
Other Articles:
50 questions for seniors to ask before they move
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