Understanding The Evolving Requirements Of Older Homebuyers
In America, up to 75% of people over the age of 50 would like to remain in a home of their own as they grow older, although, up to now, many have believed that this was an impractical goal. However, with advances in assistive technology, and increasingly innovative retirement housing developments, they are beginning to see that aging in place is a very real possibility.
Figures from the US Census have been used to forecast a doubling of the number of people aged over 65 in America to form nearly a quarter of the population by 2060. Although aging, this thriving group is not necessarily slowing down. They are working longer, managing health conditions, and striving for continuing independence. By gathering valuable behavioral data about this growing demographic, and through understanding how the future of retirement properties is evolving, you will be in a better position to build good relationships with older prospective buyers and help them to find their forever home.
Seeking Out Suitable Homes For A New Demographic
Over 50% of households are now headed by someone over 50, accounting for 65 million households in the US. A need for more diverse housing to cater for these households will have an impact on the real estate industry, as developers meet their changing expectations. Real estate agents who are dealing with this new demographic will have seen active and discerning clients who are not ready to give up their comfortable and self-sufficient lifestyles to move into a care home once they reach a certain age.
Older people increasingly want to stay as independent as possible, and they are looking for affordable and accessible housing in communities that welcome all ages. Developments in assistive technology, together with the availability of financial assistance for the modification of homes, are enabling more seniors to age in place in otherwise conventional housing. In addition, an increase in the number of new senior housing developments is helping to address their evolving needs.
Retirement Housing To Match Changing Needs
Many seniors are living longer and often managing health conditions which can potentially restrict their freedom. However, even these people would like more control over where and how they live. For this reason, housing and communities that are linked to reliable and convenient health facilities will become more appealing. It is predicted that innovative disruption to traditional retirement developments will also take the form of allowing for multiple generations to live together in communities that support older people without being designed solely for their use. Retirement villages will likely see more working residents who are transitioning to a new phase in their lives rather than simply winding down, and this will change the way agents help them choose a new home.
Adapting Any Home For Independent Living
To meet the specific needs of older clients, qualifying as a Seniors Real Estate Specialist (SRES) could give you a deeper understanding of their issues. In any case, as you are deciding on properties to show an older client, it’s important to be aware of the often very simple changes that can open up the potential of any type of property. Obvious choices for older clients are smaller, single-story properties, with easy access. However, with the simple addition of grab bars and access ramps, or larger modifications such as installing a stairlift or widening doors for wheelchair use, many homes can be adapted to enhance their accessibility, safety, and comfort. With more people looking for modified homes, remodeling to improve function in this way will not only help people age in place, but could also increase a home’s value.
Older homeowners are looking to remain independent, safe and comfortable in their own properties for longer. By understanding their needs and requirements, you will be in a better position to help them find suitable accommodation in which they can happily age in place
A working mom and full-time writer, Ali Vale used to work in real estate. The hustle and bustle became a little too hot to handle once she had her two daughters, so now she writes on anything to do with homes and finance. When she’s not slaving over a hot laptop, she’s spending time with her family and taking care of a menagerie of pets.