One of the questions I hear most often is, "Am I too old to buy a home?" My answer is always the same, whether you're 60 or 75: you're never too old to buy a home.
After 23 years helping Twin Cities adults through housing transitions, I've learned that age is rarely the deciding factor. Your health, your finances, and your lifestyle goals matter far more. Here's how I help clients think it through.
You're Never Too Old to Buy
My simple rule of thumb: if you can see yourself living in the home for 7 to 10 years, buying usually makes sense. That's generally long enough that selling down the road won't end up costing you money.
I once worked with a wonderful woman who was 73 years old. Because she hadn't owned a home in the previous three years, she qualified as a first-time home buyer. That meant she could take advantage of down payment assistance, at 73! I had the joy of helping her buy her very first condo. If you've been renting for a while, ask whether you might qualify as a first-time buyer, too. It could open doors you didn't know were there.
She was 73, and she qualified as a first-time home buyer. I had the joy of helping her buy her very first condo.
When Renting Makes More Sense
Buying isn't right for everyone, and that's okay. Many of my clients have chosen to rent, and they've been very happy with that decision.
One big reason is flexibility. Many 55+ apartment communities don't require a yearly lease, so you can move when you're ready. If you're not sure where you want to settle, want to be closer to family, or simply like having options, renting can give you room to breathe.
Don't Overlook Senior Cooperatives
When people think "buy or rent," they often miss a third path: senior cooperatives. Co-ops are a type of ownership that offers maintenance-free living, which many of my clients love.
As with any association, do your homework before you buy. Take a good look at the resale disclosure certificate and the cooperative's finances so you understand what you're joining.
If you'd like to explore what's available, my Minnesota Senior Cooperative Directory at seniorcooperatives.com is a helpful place to start.
New to co-ops? Read Senior cooperative or condo? How they compare in Minnesota.
Questions to Ask Yourself First
Before we ever look at a listing, I walk my clients through a few questions. You can use these on your own, too:
- Where do you want to live?
- How much do you want to spend?
- What are your lifestyle goals?
- What amenities are important to you?
- Do you need one-level living?
- Do you have a pet, or more than one?
- Do you need services now?
- Would you be open to moving again if you need services later?
- Is there anyone else you'd like to include in these conversations?
That last question matters. Adult children, a spouse, or a trusted friend can be a real support as you make these decisions.
Plan Ahead So You're in the Driver's Seat
Here in the Twin Cities, the best options don't always open up right when you need them. A two-bedroom rental in a popular community may have a wait list, and some cooperatives have wait lists of a year or more.
That's why I encourage people to start planning early. When you plan ahead, you stay in the driver's seat and have the most choices.
The Emotional Side of Moving
Leaving a home you've lived in for many years can be hard, and it's okay to feel that. Even the first holidays in a new place can feel a little uncomfortable as you settle in.
One idea I love: scan your family photos so you can enjoy them on your phone or a digital picture frame. You don't have to leave your memories behind. You can bring all of them with you.
Get Your Legal and Financial House in Order
Selling your home is a great time to make sure your legal documents are up to date. I often connect clients with a trusted elder law attorney for this step.
I also recommend talking with your financial planner before you sell. That way, when you receive the check from the sale, you already have a plan for it.
Wondering about timing? See Should you sell your house before moving to senior living?
Let's Talk About Your Plan
Honestly, this is my favorite conversation to have. I know the senior housing options across the Twin Cities well, and I love helping people figure out the plan that's right for them, whether that means buying, renting, or joining a cooperative.
If you're starting to think about your next move, I'd be glad to have that conversation with you. There's no pressure, just a chance to explore your options together.
Keep reading
Ready to talk through buy, rent or co-op?
A free 30-minute call, no pressure.
Frequently asked questions
Am I too old to buy a home?
Lisa's answer, whether you're 60 or 75: you're never too old to buy a home. Her rule of thumb is that if you can see yourself living in the home for 7 to 10 years, buying usually makes sense.
Can I be a first-time home buyer in my 70s?
Possibly. Lisa once helped a 73-year-old who qualified as a first-time home buyer because she hadn't owned a home in the previous three years, which let her use down payment assistance. If you've been renting for a while, ask whether you qualify.
When does renting make more sense?
Renting can make sense when you want flexibility. Many 55+ apartment communities don't require a yearly lease, so you can move when you're ready.
What is a senior cooperative?
A type of ownership that offers maintenance-free living. Review the resale disclosure certificate and the co-op's finances before you buy. Browse options in the Minnesota Senior Cooperative Directory.
This article is general education, not legal, tax or financial advice.