Whether you are moving to Jupiter, FL from another state or have called Florida your home for some time, there are some relevant issues that are of particular interest to retirees who are purchasing a home. Jupiter is a popular community for retirees, young families and budding professionals alike because of its proximity to the beach, recreation areas and the urban centers of Palm Beach County.

Of course, some choose to rent a Jupiter home rather than invest in a property, and this can be an ideal choice for those who don’t want to deal with a mortgage. Others, however, prefer the stability and freedom of homeownership or just want a property that they can one day leave to their family. In fact, it’s not uncommon to wait on the purchase of your dream home until your golden years, when you have the time and financial means to enjoy it!

Getting a Mortgage                                                                    

Fortunately, getting a mortgage as a senior is not as difficult as you might fear. The Equal Credit Opportunity Act is a federal law that prohibits any lender from denying a mortgage based on an individual’s age. Lenders generally look at all forms of regular income, including pensions, Social Security payments and investment income, so actively working is definitely not a requirement for qualifying for a mortgage.

It is a good idea to fully consider all of the implications of ongoing mortgage payments. Many retirees opt for a shorter term loan, for example a 15 year fixed-rate vs. a more traditional 30 year loan, to shorten the process. You goal should be to find a mortgage that fits well within your monthly retirement budget, with a little wiggle room for unexpected expenses. It’s important to remember that in almost all cases, your pre-retirement income will be different than your post-retirement income, and even a small change can impact what you can or cannot afford.

Changing Needs

Buying a sprawling property might seem like a great idea in your 60s, but it could be a burden in your 90s. There are several home characteristics to keep in mind when you buy a Jupiter home just before or after retirement. For example, purchasing a one-story home might make life easier in later years.

Physical changes shouldn’t be your only considerations, however. Do you plan to host friends and family, now that you have the time? If so, you might consider a Jupiter home that has a large guest room. Finally buying an RV? You’ll need an appropriate place to park it. Is security important? If so, then a gated community might work best for you.

Just as with any home search, buying a home after retirement is all about location. Should driving ever become a challenge in the future, how close will you be to the businesses and facilities that you frequent? Some retirees consider communities that cater to seniors or those within easy driving distance to friends and family for exactly this reason.

Retirement Communities                                                              

In addition to traditional neighborhoods, many retirees choose to buy in 55+ communities in Jupiter, FL. Many of these communities have spectacular amenities and resources that are designed just for those enjoying their retirement. Golf courses abound in Jupiter, and there are many challenging courses adjacent to retirement communities, a major draw for those who like to stay on the go!

If a community focus is important to you, many Jupiter neighborhoods, like Abacoa, offer individual communities for 55 and older along with traditional residences. This is the perfect retirement option for those who have family in the area that they’d like to remain close to and who appreciate the small-town feel of master-planned communities.

Finding Your Dream Home After Retirement

If you are looking for your dream home, there is no reason to go it alone. An experienced real estate agent in Jupiter, FL can help you every step of the way. At Lillian Realty Group, you’ll find a team that knows the area well and who will consider all of your needs and wants. We will gladly discuss both your rental and purchase options and work with you to find a Jupiter neighborhood that incorporates your lifestyle and budget goals.

When you are ready to get started, contact us so that we can learn more about you and show you some of the astounding options that the Jupiter real estate market has to offer. We will partner with you to buy, sell or rent a home in Jupiter and the surrounding areas. If you’d like to browse Jupiter homes today, sign up for a free account on our homepage. This will give you unlimited access to our Jupiter home search, special features and the latest Jupiter real estate news. We can’t wait to help you find the perfect Jupiter home!