R
etirees often make costly real‑estate missteps that can threaten their fixed incomes and overall well‑being. Damarys Cover, a Seniors Real Estate Specialist at Fox & Foxx Realty and 2025 president‑elect of the Women’s Council of Realtors in Middlesex County, pinpoints five common errors and offers practical fixes.
**1. Rushing to downsize without a clear plan**
Many retirees sell before they’re emotionally ready or move into a home that doesn’t fit their long‑term needs. Cover advises taking time to reflect on lifestyle goals and craft a thoughtful strategy before making a decision.
**2. Ignoring the full cost of ownership**
Focus often falls on the mortgage or rent, while property taxes, HOA fees, maintenance and unexpected repairs are overlooked. On a fixed income, these hidden expenses can become crippling. Cover urges a thorough cost analysis and consideration of low‑maintenance options that match the retiree’s budget and life stage.
**3. Choosing the wrong location**
Buying near family or as a vacation property without evaluating access to healthcare, social activities and community can leave retirees isolated. Working with a Seniors Real Estate Specialist or Certified Senior Housing Professional helps match local amenities, medical services, transportation and community life to the retiree’s lifestyle.
**4. Hiring a general agent instead of a senior‑focused specialist**
A general Realtor may focus solely on the transaction, whereas a Seniors Real Estate Specialist brings patience, resources and tailored solutions that align with financial goals and quality of life. Cover stresses the importance of a specialist’s strategic and compassionate approach.
**5. Neglecting future needs**
Retirees often look only at present requirements, missing the importance of a home that will accommodate aging. Cover recommends considering single‑story layouts, supportive services, and locations that facilitate graceful aging, providing peace of mind and avoiding future stressful moves.
By addressing these pitfalls—slow, deliberate downsizing; comprehensive cost evaluation; location suitability; specialist representation; and future‑proofing—retirees can protect their finances and enjoy a comfortable, secure retirement.
