Disabled Homebuyers Guide to Finding an Accessible Home

Disabled Home buyers, House Keys, Accessible Homes

Article By: Natalie Jones natalie_jones@homeownerbliss.info

Accessible Homes

Disabled Homebuyers Guide- Finding Home

When individuals are in the market for a new home, they usually have a list of things they’d like to see. For you, your ultimate goal is to find a home that is accessible. Or at least has the potential to be. If you go into this journey with an open mind, understand that modifications will be necessary to get your dream home. The following tips will help you along the way.

Let’s Talk About the Mortgage

Any talk about buying a new home usually revolves around the mortgage, as qualifying for one isn’t a simple process if you don’t go into it with research and facts. One of the biggest pieces of information that plays into mortgage approval is your credit score. Get a copy of your credit report and highlight any errors, unfamiliar payments, and old entries such as debts that have been taken care of. Make a plan to boost your credit score by erasing outstanding debt, being patient, and working closely with your lender so that you can qualify sooner. In the meantime, research programs designed specifically helping those with a disability receive financial aid. This mortgage guide courtesy of The Mortgage Reports highlights several.

Do You Know the True Cost of Buying a Home?

While the mortgage and down payment are the two biggest pieces of the homeownership price tag, there are several hidden costs you need to be aware of, as it can quickly add up to over $9,000 each year. Closing costs tend to equal about 2.5 percent of the home cost, and your annual mortgage interest rate will fall between 3 and 5 percent. Property taxes and home insurance carry a price tag too, with a national average of $2,216 and $1,000 a year respectively. Qualifying for a home loan will help offset the cost, as will any savings or various other forms of income, but you can also use your disability benefits. Purchasing and owning a home won’t affect your SSDI eligibility or benefits.

Modifications Are a Necessity

Homes can be altered to meet your needs, which is where accessible home modifications come in. You need to assess your needs in each room, but also keep in mind the areas where you spend the most time, like the bathroom and kitchen. An example of a few modifications you might make includes installing grab bars, lowering cabinets, widening doorways or hallways, or installing a stairlift. The good news is these modifications are tax deductible on your federal income taxes if they are more than 7.5 percent of your adjusted gross income. You can include modifications as well as any special equipment. As for state taxes, inquire into your state’s tax laws to uncover any tax incentives for modifications.

Budget For Important Pre-Move Tasks

Once you purchase your new home, things start moving rapidly and moving day will arrive quickly. With this in mind, there are a few things you need to take care of before the big day. One of the most important first tasks is having the locks rekeyed for your safety and peace of mind. As soon as the closing date is set, book a locksmith and budget for around $96 – $210 to have your locks changed. You’ll also want to go ahead and start shopping around for movers to get your stuff from point A to point B. For a local move, the average cost is around $1,250, but a long-distance move of 1,000 or more miles will average $4,890. You’ll want your home to be clean before you move in and unpack too, so now is a good time to look into a house cleaner. The cost will depend on the size of the home, so check out Care.com’s pricing guide so you can adjust your budget.

Finding an accessible home takes time and patience. It also requires work on your end, such as mortgage approval, budgeting, modifications, and pre-move tasks. Work with a Realtor® who can guide you every step of the way, and trust the process!

For more information, please contact: Natalie Jones natalie_jones@homeownerbliss.info

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Disabled Homebuyers Guide to Finding an Accessible Home

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