Good News for Investors, Older Folks Just Want to Have Fun
A lot of people who have been living in McMansions for years are starting to look for housing that is easier to maintain and that also fits their needs in their later years. They don’t want to maintain or clean a big house. They don’t want steps. They don’t want to cut grass and care for a landscape. They don’t want a lot of baths and guest spaces to attract the kids back home permanently.
What they do want is a wonderful opportunity for investors.
When older homeowners decide to downsize into a smaller property what are they going to want?
They want one level living. They want accessible homes with the right kind of baths, garages, entries doors and hallways. They want an active lifestyle as long as they can do things they wish to do. They want to be able to entertain themselves and others without working too hard.
For many people that may mean maintaining two homes, one for winter and one for summer. But not everyone wants to travel that much. They might opt to gather their meds and hop on a plane to go to a warm climate for the winter or they might go to a cooler climate for the summer as many of the people do in our location.
Some people may choose to live year round in a moderate climate and skip the travel. Not everyone likes to live in Florida half the year and North Carolina the other half. Many people want a more comfortable home in the same area where they have always lived near their friends, relatives and business contacts.
This group of possible home buyers includes a lot of people. They are a good many many Boomers and some X-gens and they are all ready for something different.
Good News for Investors Commercial Bridge Loans
All of these people like the idea of having a not-too-large place that is relatively comfortable and luxurious with neighbors who share their preferences and are of similar age. They are often in good health, have some income and investments and may or may not be retired. In fact many may be self-employed.
They want and have choices.
Amenities that will attract their interest include
- One level living. There may be some upstairs rooms and baths, but not for their use except for storage or live in caretakers. They don’t want to climb the stairs all the time.
- Accessible entries, baths and kitchens.
- Doorways wide enough for wheelchairs.
- Attached garages with barrier free entries.
- Storage for sports equipment.
- Generous laundry near the kitchen but out of sight, perhaps with hobby space.
- Large, accessible master bedrooms and baths.
- Open floorplans in the kitchen, living room and dining area.
- Small yards maintained by staff.
- Activity centers, clubs, restaurants
- Medical care, home health, shopping and cleaning available nearby as needed.
These home buyers may not want a lot of square feet. It varies somewhere between 1,200 and 2,400 square feet for most buyers. But they also need light colors and good lighting for safety, carpet or smooth floors for easy walking or rolling in a wheelchair, and less maintenance in both the house and the yard.
They want to be in a location where they feel safe and may want a gated community. Pools, clubhouses, golf courses, boating and other recreation may vary but these customers expect these types of amenities close by or within the community. They will tell you what they want.
Can you fulfill these needs and expectations? It could be a great investment opportunity if you can.