I Bought My First Home in My 60s: Here’s What I Did

When Bob Zavala, 69, decided to move from his lifelong home of Los Angeles to Meridian, Idaho, he was partly motivated by the substantially lower cost of living . Plus, he had a few close family members in the area. A renter up to that point who had never owned a home , Zavala continued to rent when he first got to Meridian upon his retirement at 66.

But there was one major problem.

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Based on Rising Rental Prices, I Was Inspired To Buy

“After a life of home renting in California, where there is ‘rent control,’ I moved to Idaho, where there is no rent control,” Zavala told GOBankingRates.

“After renting for one year in Meridian, I learned that property values had increased 32% in the previous twelve months in my area — the highest increase in the nation,” Zavala said. “And renters’ monthly rents were also increasing — by $300 to $400, for two bedroom units; the same size as my rental.”

Zavala realized it would only be a matter of time before he would be unable to comfortably afford the townhouse he was renting while living on a fixed income.

“It was time to buy,” he said.

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My Fixed Income in Retirement Is, In a Way, a Blessing

“Prior to my retirement, I worked freelance in the TV/movie industry for 40 years, where there was no guaranteed income as a freelancer,” Zavala said. “That lack of a guaranteed monthly income was the main contributing factor to my not buying a home during my working years.”

Despite being a freelance worker, Zavala was a member of an IATSE trade union that has a long running contract with Motion Picture Industry Pension & Health Plans.

“When I retired, I collected a 401(k) lump sum from MPIHP, of which I used a portion for my townhouse down payment,” Zavala said. “Along with that lump sum, I qualified to receive a small monthly pension.”

Now, for the first time in his life, Zavala has steady, reliable income, which helped enable him to purchase a home.

“I now have a guaranteed monthly income: pension and Social Security payments, from which I pay my mortgage, property taxes, insurance and all other homeowner expenses,” he said.

Homeownership in My 60s Has Been Blissful

Zavala said he is “definitely happier” as a homeowner than he was as a renter.

“No worries about a landlord’s potential rent increases, or worries about a landlord’s life situation changes that could lead to my being asked to move, for a variety of reasons, such as, ‘The home is being sold; the new owner plans to tear it down.'”

I Recommend Older People Make These Moves When Buying Their First Home

Zavala was discerning when selecting his home and encourages other older buyers to be equally so.

“The main thing I would definitely recommend to older people buying their first home is to choose a single level home,” Zavala said. “The older you get, the more difficult it will be to climb stairs.”

Zavala also strongly recommended avoiding a fixer upper. “Fixer uppers are for young people,” Zavala said. “Fixer uppers come with loads of stress.”

Finally, don’t buy more home than you really need. “Find a home to buy that is not bigger than you need, that doesn’t have too much surrounding yard to maintain and is ready to move in ‘as is.'”

Location matters, too. “Something to consider for someone in their ‘golden years’ buying a home is the convenience of its location,” Zavala said. “Make sure there is a good medical facility nearby and grocery markets that sell organic food.”

This article originally appeared on GOBankingRates.com : I Bought My First Home in My 60s: Here’s What I Did