10 Frequently Asked Questions - Boomers & Lifestyle Choices-
Asheville Real Estate Journal- Creative Retirement
As Baby Boomers relocate or downsize in retirement, we impact the real estate market in a significant way. The over 55+ crowd- (some with white hair in all the various hues, shades, and *implications* of its becoming) already account for over 1/3 of the turnover. This percentage will increase as the Boomer Generation continues to move toward creative (UN) retirement. Such change inevitability brings up choices and questions around lifestyle.
Lifestyle Choices - 10 Questions Baby Boomers Ask
As a REALTOR® here are three conversations I have with clients: 1) home improvement and spending, 2) universal design, and 3) insight into the value of sustainable innovation in age-sensitive housing. These three items top the list when my clients approach lifestyle choice decision-making lifestyle with me. There is also the fact that any number of Boomers who had planned to retire and move to a different home have taken a step back from that decision. Many of my clients confided that the recent financial crisis not only took a toll on the equity in their homes but on their retirement accounts, as well.
Question 1. a) Is it true that Baby Boomers are setting a new trend in remodeling? And, b) if we decide to sell our home, what projects might top our list?
Answer: a) Yes! True indeed. Boomers are setting a trend. (As usual) In fact, the Joint Center for Housing Studies- Harvard University found that there has been a surge in remodeling expenditures in which Baby Boomers spent freely on remodeling projects. "Examining total expenditures [by]housing and age of owner we see that baby boomers led in total expenditures for any age group, and that while housing built between 1960 and 1979 accounted for the largest share of total remodeling dollars that were spent, housing built between 1980 and 1999 came in a close second among boomer expenditures.". (The majority of these Boomers had been in their homes for ten or more years before selling.)
IF we decide to sell our home, what projects might top our list?
Sellers typically undertake minor improvements to attract more potential buyers. Baby Boomers in the 55+ category are not so likely to undertake extensive and expensive projects . Kitchen or bath remodels are NOT favored if you are looking to sell your home. Consider instead addressing the needs identified in the Home Inspection Report. ( Major repair needs could be addressed in adjustments to the selling price.)
© 2012 whd atwww.WhiteHair365.com
10 Lifestyle Choices and Questions Baby Boomers Ask
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