If youre in your 50s or 60s and youre ready to buy your move-up home, plenty of challenges await you. Perhaps your adult child is moving back home or your aging mother wants to come live with you.

The good news is that you also have some big advantages over your younger home-buying peers.

Typically, people in their older years are the most prepared for such an investment, says Natalie Frazier, a real estate salesperson with Fenwick Keats Real Estate in New York City. They have a steady history of employment, an opportunity to have built strong credit and have usually been able to save up a good amount for a down payment.

The buy-and-sell...