No, 65 is not too old to buy a house. For many people, it’s one of the best times to do it. Whether it’s the right move for you depends on four things: your long-term plans, your financial situation, your lifestyle goals and your health.

I’ve helped many buyers in their 60s, 70s and beyond find homes in the Oliver area. Here’s what I’ve learned about what makes a move at this stage go well, and what can catch people off guard.

The Better Question to Ask

When clients ask me if they’re too old to buy, I usually change the question. Age isn’t the issue. What matters is whether a new home fits the life you want to live for the next 10, 15 or 20 years. Think long term and plan accordingly. 

A Downsizing Success Story

One of my favourite examples is a couple in their 70s I worked with. They were moving out of a home that was bigger than they needed. Too much house meant too many chores and less time for what they enjoyed.

They were very social and knew exactly what they wanted in their next home:

• To be close to the community centre
• To have walking trails and paths nearby
• To have easy access to pickleball courts

So they bought a smaller home in the right location. The move was a raving success. They spend less time on upkeep and more time living. For them, buying in their 70s wasn’t a risk. It was the best decision they could have made.

Why Many Buyers Over 65 Are in a Strong Position

Many of my retirement-age clients moving to Oliver are coming from larger cities where real estate costs much more. Over the years they’ve built up significant equity in those homes.

That equity often lets them buy their retirement home here with little or no mortgage. It’s not true for everyone, but it’s common. If you’re in that position, buying at 65 or older can actually be less stressful financially than buying was when you were younger.

That’s also why one of the first steps is finding out what your current home is worth. I’ll cover that below.

Buy the Home That Lets You Stay

This is the most important advice I give buyers over 65: think long term.

A rancher with no stairs or a one-level condo usually means you can stay in your home much longer and avoid another move later. Moving is a lot of work at any age. Ideally, this is the last move you’ll need to make for a long time.

How One Fall Changed a Client’s Search

I learned how quickly needs can change from one of my clients. She had her heart set on a two-level home and was ready to make an offer. That same afternoon, she fell and hurt her knee.

Her search changed overnight. The two-level home was out. She focused on one-level homes and added condos as an option.

All it takes is a sprained ankle to make a two-storey home very hard to live in. Stairs that feel fine today can become a daily obstacle after an injury, a surgery or simply getting older. Plan for the person you’ll be in 10 years, not just who you are today.

Should You Rent or Stay Put Instead?

I’ll be honest: buying isn’t always the right answer. Depending on your situation, renting or staying where you are can be the better choice. If your plans are uncertain, your health is changing, or your finances are better served by keeping your money available, those options deserve serious thought.

The Biggest Benefit of Owning: Security

Buying has one big advantage that renters don’t always get, and that’s security.

When you own your home, nobody can decide to sell it out from under you, raise the rent beyond your budget or ask you to leave. As a tenant, you may not have that certainty. At this stage of life, knowing you won’t have to move unless you choose to brings real peace of mind.

The Four Things That Decide If Buying Is Right for You

If you’re wondering whether buying makes sense at your age, work through these four areas.

Your Long-Term Plans

Where do you want to be in 10 to 20 years? Close to family? Close to the activities you enjoy? A home that fits your future saves you from another move.

Your Financial Situation

How much equity do you have in your current home? Would you prefer to buy outright, or does a mortgage make more sense for you? Knowing your numbers makes every other decision easier.

Your Lifestyle Goals

Do you want less yard work and upkeep? More social activity? The ability to walk to trails, shops or the community centre? The right location can change how you spend your days.

Your Health

Will this home still work for you if your mobility changes? A one-level layout can be the difference between staying in your home for decades and having to move again in a few years.

If your answers line up, your age isn’t a barrier. It may even be your advantage.

How to Get Started

Every situation is different, so there’s no single step-by-step plan that works for everyone. Here’s how I start with every client:

• A discovery call. This is a relaxed conversation about what you’re thinking and what’s prompting the move.
• An in-person meeting. We sit down together to talk through your goals and any worries you have about making a move. Most people have a few, and that’s completely normal.
• A list to help you get ready to sell. If you’re selling your current home, I’ll give you a quick list of things you can do now to prepare.
• A comparative market analysis. You’ll know what your current property is worth, which tells you what you can comfortably buy.
• A market overview. I’ll walk you through what’s happening in the area you’re considering, so you can make your decision with confidence.

From there, we build a plan that fits your situation.

The Bottom Line

65 isn’t too old to buy a house, and neither is 75. The buyers I’ve seen do best are the ones who think long term, choose a home that fits how they want to live, and plan for changes in their health and mobility.

If you’re thinking about a move to Oliver or the South Okanagan, let’s start with a conversation. Book a discovery call with me and we’ll talk about your goals, your questions and what your next chapter could look like.

 

Jeffrey Sefton, Seniors Real Estate Specialist, SRES®
Real Broker, Okanagan Home Team
OkanaganRealEstateSearch.com

 

 

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