Aging-in-Place : The Boomer Generation continues move toward (UN) retirement.
Asheville Real Estate Journal
This inevitability brings up any number of decisions around “aging-in-place” (I much prefer to refer to this as Feather-Nesting.) There are issues about home improvement spending, and questions about universal design and the associated elements- the value of sustainable innovation in age-sensitive housing. As mentioned in Part 2, any number of Baby Boomers who had planned to retire and move to a different home have taken a step back from that decision. In fact, as a REALTOR®, I meet any number of clients who confide that the recent financial crisis not only took a toll on the equity in their homes but on their retirement accounts, as well.
So, what about “aging-in-place” as per the following Lifestyle Questions Baby Boomers Ask?
3. If we decide to "age-in-place” (we are shuddering at the term “age-in-place”-it reminds us of something creaky and creepy) what types of remodeling and/or repair projects might we choose?
Answer: Baby Boomers are NOT inclined to go the traditional retirement-leisure route. "Baby Boomers fundamentally will reinvent retirement,” James P. Gorman, president of the Merrill Lynch Global Private Client Group told the press. - “the concept of Unretirement is now a realistic concept across age cohorts. But more than this, is the concept of regard for self and others…of maintaining an active lifestyle, and choosing to engage life to the fullest. …a “New Vision of Aging”…
And what about the choice to stay in your home and “age-in-place”? First let’s look at the big picture: Many Boomers with a positive equity balance on our homes have taken advantage of historically low interest rates. As the economy recovers and mortgage rates begin to rise, we may be more inclined to stay in our homes … since, according to The Joint Center for Housing Studies- Harvard University, http://www.jchs.harvard.edu/sites/jchs.harvard.edu/files/w11-4_masnick_will_baker.pdf
“… moving implies prepaying …current mortgage with its favorable interest rate, and taking out a new, higher market-rate mortgage.”
Now as to what types of remodeling…as an Eco Certified® Real Estate Consultant, EcoBroker® and NAR GREEN® REALTOR®, here I am all for sustainable innovation- for example...
1. more energy efficient,
2. full of natural light,
3. get clued-in when it comes to eco-friendly features and benefits
(I’m only using NO VOC paints!)
4. add universal design elements that make sense
5. create enjoyable living spaces- more marketable should we decide to move.
If you desire to “age-in-place” in your current home, create a spending plan that includes opportunities for upgrading to accommodate your (our) changing needs, for sure. Look for more on aging-in-place and other questions Baby Boomers Ask coming up in Part 4.
© 2012 whd atwww.WhiteHair365.com
10 Lifestyle Choices and Questions Baby Boomers Ask
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