The Real Estate Remodeling Craze

The Real Estate Remodeling Craze

The desire for home remodeling has hit an all-time high for a number of reasons. Traditionally the top reasons for remodeling were to improve a home’s livability, modernize or update home amenities, repair and replace worn and broken features, to create additional living space, and our most recent remodel reason: to add energy efficiency in the house.

Now, these are all great reasons to consider for a home remodel, but there's a new reason that is rapidly growing and that agents should be aware of: the buyer who is considering remodels with their future retirement needs in mind.

This growing segment behind remodeling homes is based on the desire to age in place. About 40% of contractors have stated that aging in place has become one of the strongest reasons people provide when asked why they are considering remodeling.

Your real estate clients who are considering remodeling are thinking about factors like single-level-living, interior mobility and accessibility. They are looking for larger hallways and walkways which can accommodate wheelchairs or support railings. They are also interested in showers that can be directly walked-in, as opposed to showers that require a step-up. These types of remodels or remodeling options are important to them.

This idea of aging-in-place is leading people to choose to remodel as a multi-generation home or as a next generation home. A next generation home includes facilities for a family member or professional caregiver. In the past we might have thought of these as mother-in-law suites or additions. However these boomers are turning the tables. Rather than move out of their home and in with their sons and daughters, these buyers and home owners are planning to have help move in with them during their later years.

While we've traditionally thought of remodeling for the purpose of making something look new, pretty and better. Today's aging generation is forward looking and planning their remodels with future function and livability in mind so that they can enjoy their later years on their terms and in a place of their choosing.

By Denise Lones CSP, M.I.R.M., CDEI - The founding partner of The Lones Group, Denise Lones, brings over two decades of experience in the real estate industry. With expertise in strategic marketing, business analysis, branding, new home project planning, product development, and agent/broker training, Denise is nationally recognized as the source for all things real estate. With a passion for improvement, Denise has helped thousands of real estate agents, brokers, and managers build their business to unprecedented levels of success, while helping them maintain balance and quality of life.