|
We all know the baby-boom generation is fast
approaching retirement, but have you considered how this is likely to
impact the housing market. Since the housing market is responsive to
supply and demand, retiring boomers is likely to have a significant
impact on every housing market across the country. In this edition of
The Home Investor, we’ll give serve up some food for thought on what
might be coming to a housing market near you soon!
We’ll review some specific aspects of home design
that are expected to be impacted by these changes and consider how
regional markets might be transformed.
As people retire, they’ll begin looking for
specifics in their choice of retirement home. Anticipating these changes
when reviewing your property choices can make the difference between a
home that increases in value and one that doesn’t.
Interior Design: Stairs
As we grow older, stairs become more difficult to
handle, so homes with a single-story layout such as ranches are likely
to become more popular architectural styles. If stairs are unavoidable,
wider stairways make it easier to add a stair lift if necessary. Another
great option for larger, upscale homes would be to install an elevator,
providing easy access to all levels and instantly making a home more
desirable for retirees. (This would be a good option for prestige
location homes such as waterfront properties).
Bathrooms
Having an en-suite bathroom is essential when
considering retirement. Even better is to have a bathroom master suite
with a separate toilet. Bathrooms should be spacious and offer easy
access (no high steps into the bathtub or shower). Allow room for adding
grab rails per customer demand.
Bedrooms
Be sure to design bedrooms with natural light and
space for sitting and reading. Provide plenty of power outlets to give
flexibility in positioning bedroom furniture. Walk-in closets with a
dressing area make it easier to manage dressing and undressing.
Laundry
The closer the laundry is to the bedroom, the less
distance the laundry has to be moved. Consider adding a laundry room
near to the master suite (be sure to have the walls insulated to avoid
noise). Raising
front-loader washer/dryer machines up on a plinth makes it easier to
load and unload laundry without bending.
1st floor In-laws
As parents approach senior years, especially if
they are single, many children will want to move their parent(s) in with
them so they can take better care of them. Homes with in-law apartments
on the first floor provide the parent with an element of independence
while allowing the caregivers some privacy too. Essentials for a basic
in-law setup: bedroom, bathroom, kitchenette/living/dining area, private
entrance, emergency alarm, smoke detectors in every room and wired to
the main house smoke alarms.
Low maintenance
When seniors get to retirement they may want to
take time to enjoy it. Having a low-maintenance home is part of the
plan. The recent increase in demand for condominiums may be in part a
result of this desire for low-maintenance living by retirees. Investors
that come up with ways for their homeowners to live a maintenance-free
life are going to be able to tap this lucrative market. How about
setting up a home maintenance program with a local contractor and a
landscaper to take care of the home for a fixed monthly fee! (Watch for
these types of service contracts coming out in the future).
Electrics
Consider positioning power outlets three feet off
the floor to permit easy access without bending (check local building
codes). The location will dictate the practicality of this strategy but
some rooms such as bedrooms can easily accommodate higher wall outlets.
Security
Seniors want to feel safe, not only from break-ins
but also if something were to happen, such as falling and becoming
unable to stand. Adding a home-security system with continual monitoring
is a first step. How about having a voice activated alert that connects
to the monitoring center. (Be sure to have some kind of emergency alert
in the bathroom – all kinds of emergencies happen in the bathroom for
no other reason than water makes floors and tubs slippery).
Garage
Although not essential, a garage allows seniors to
keep their car out of the elements. In colder climates this means less
time spent clearing snow and ice from the car.
Yards
Although some seniors will opt for the reclusive
“leave-me-alone” or “I want to live miles from my nearest neighbor”
approach, many will enjoy the company of good neighbors and the
pleasures of a small garden to tend and relax in. A big yard means high
maintenance fees and lots of yard work. Smaller yards that have been
carefully planned as low-maintenance areas for cultivating plants and
attracting birds and butterflies will be popular with many. Provide an
area for personal creativity to grow plants and shrubs for the green
fingered gardener.
Structured Housing
In coming years we will see more over 55
communities where baby boomers can gather without worrying about dealing
with the noise from kids playing in the street. Other variations on this
concept will probably develop as creative architects and investors come
up with ways to service this affluent generation.
Location, Location, Location
Where are the Baby Boomers going to want to live?
Consider these factors in figuring out your own answers to this
question:
•
Warm winter climates will be attractive to many from colder
northern states. Where possible, northern boomers may want a winter home
and a summer home to allow them to migrate with the seasons.
•
Grandparents will typically want to be close to their
grandchildren.
•
Quality of life issues will become important in finding a home in
which to grow old. Homes overlooking the ocean or water, or with
panoramic views, may hold particular appeal. |
