What Retirees Are Looking for in a new home

This is a copy of an interesting article from Proud Green Home with regards to what the retirement crowd is looking for in their next home which is quite relevant to our concerns since this is the group we in particular cater to.  They say here that many prefer to buy a new home to get advantage of the latest changes in home qualities that can make such more economical than trying to fix the old.  Well truer words could not be spoken when referring to Costa Rica where most of the existing home inventory is actually horrible quality with no concept of energy conservation etc.

The original article can be found at:http://www.proudgreenhome.com/article/215527/Retirement-home-plans-cater-to-Baby-Boomers-desires

Retirement home plans cater to Baby Boomers’ desires
Tags: Home Design & Plans, Interior Design
June 28, 2013
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As Baby Boomers retire, they often prefer building a new home to take advantage of new technology and energy efficiency than trying to maintain or remodel an older home. Architects and builders are creating home designs to meet the new demands in the market.

Today’s 77 million Baby Boomers were born between 1946 and 1964 and represent 26 percent of the total US population. Boomers make up 45 percent of the national work force and hold the largest amount of discretionary income in history.

A study by AARP indicates that many boomers plan to move when they retire. This trend fueled the housing boom of the previous decade. And while some boomers accumulated substantial home equity to purchase or build smaller, more affordable homes, many find themselves struggling with their current home loans.

“Boomers in a position to sell their existing homes prefer building a new home to take advantage of new technology and energy efficiency than trying to maintain or remodel an older home,” said Tammy Crosby, chief operating officer of The House Designers, a leading house plan provider. “Baby boomers now look for house plans that are small but luxurious, and practical for their needs and lifestyles.”

The National Association of Home Builders (NAHB) confirmed this trend with a study that showed home buyers can afford new construction that’s higher-priced. Using data from the Census Bureau and Department of Housing and Urban Development’s 2011 American Housing Survey, NAHB found that buyers could purchase or build a new home and achieve the same annual operating costs as an older, existing home.

“Home buyers need to look beyond the initial sales price when considering whether to buy new construction or an existing home,” said NAHB Chairman Rick Judson, a home builder from Charlotte, N.C. “They will find that with the higher costs of operating an older home, they can often afford to spend a bit more to buy a new home and still have annual operating costs that fit their budget.”

Whether boomers are remodeling or building new homes, this generation is more active than generations past, has a more sophisticated style and wants lots of options and choices in their home designs.

Some of the popular home design features that Baby Boomers are looking for include:

Designed Accordingly

Baby boomers are sophisticated, savvy and active, which means they are looking for comfort and convenience, multi-functionality and spaces for relaxation and entertainment. They want a home that caters to their lifestyle and features plenty of high-end amenities. Downsizing or ‘rightsizing’ doesn’t have to mean sacrificing features in a well designed home.

Flex Living Spaces

Multi-purpose flex rooms are high on the list for active boomers who love to entertain, exercise and relax. These spaces can easily be converted to a guest room, home office, or an exercise or media room. Today every space needs to have a purpose; gone are the days of rarely used rooms like formal dining rooms.

Pampering Master Suites

Another hot trend in home design is having a large master suite with comfortable sitting areas, large his-and-hers walk-in closets, master baths with garden tubs, dual sinks and if space permits, a small patio or terrace.

One-Story Designs

Most Baby Boomers favor single-story homes over split-levels. They also like an open floor plan where there are fewer walls to obstruct views and to give the feeling of a much larger space.

Designer Kitchens

Baby Boomers are very particular about their kitchens, as cooking and entertaining are typically at the top of the list for these active adults. They are seeking kitchens stocked with high-end amenities like professional grade appliances, granite countertops, hardwood flooring and custom cabinetry. Items like large pantries, center islands and cozy breakfast nooks are must-haves.

Indoor/Outdoor Entertainment Areas

Whether boomers are hosting an elegant dinner party or throwing a large cookout, they want an indoor/outdoor living space that can be used for both formal and informal occasions.

 

About Trevor

I have lived in Costa Rica for 14 years and have been active in real estate development over that period and construction in general. I am a qualified Journeyman carpenter and cabinetmaker from Canada. My current focus project is building custom green homes and housing packages all built out of Magnesium Oxide SIPs.

Comments

What Retirees Are Looking for in a new home — 3 Comments

  1. Thanks again to Michael and Oscar for a great experience in working on the design of our new home. They had great ideas and really worked with us in helping achieve our ideas. The process was professional and friendly, we really appreciate all of their hard work. They always answered our detailed questions and were very timely. I would highly recommend them to others.

    • Thanks Jason for you contribution to our blog. Your recommendation is most appreciated. Now you know why we only work with Oscar as he is unusually competent plus being a really nice guy to work with on a week by week basis.

      Trevor

  2. Hi there! glad to drop by your page and found these very interesting and informative stuff. Thanks for sharing, keep it up!

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