Many of my seniors chose to stay in their homes, instead of moving. They like their surroundings. They feel safe. As children of seniors, we need to ensure that they are truly safe. What should we do?
According to the 2024 Generational Divides in Homeownership Report by Leaf Home and Morning Consult, the majority of baby boomers, around 55%, are inclined to stay in their current residences rather than move elsewhere. The main factors cited for this decision include not feeling the need to relocate (79%), being close to family (34%), the costliness of moving (33%), favorable crime rates (25%), weather preferences (18%), and considerations regarding interest rates (12%).
However, despite their desire to stay put, a significant portion of baby boomers, roughly 68%, reside in homes that are 30 years old or older, and many have refrained from making any renovations, nor do they have intentions to do so, as outlined in the report. For instance, among those who have lived in their homes for over 25 years, a vast majority, 85%, have no plans to incorporate safety or accessibility features. Similarly, 83% are not planning to replace their furnace or air conditioner, 80% have no intentions of replacing roofing or siding, and 67% are not considering upgrading their large appliances. Consequently, they are essentially living in homes that resemble time capsules, posing a problem both for their well-being and for future generations. Jon Bostock, CEO of Leaf Home, characterizes this situation as a "generational tug-of-war" within the housing market.
These aging homes not only lack critical safety and accessibility features for current residents but also present challenges for future buyers who would need to renovate these outdated properties. Bostock warns that this trend could lead to a crisis in the home improvement industry and strain the budgets of millennials inheriting these homes, thereby impacting the housing market significantly.
In response to this looming issue, the 2024 U.S. Houzz Kitchen Trends Study underscores the importance of designing homes with future needs in mind, particularly for aging household members. The study reveals a growing awareness among homeowners regarding aging-in-place renovations, especially in the kitchen, with over half (52%) anticipating special needs arising within the next five years.
Among homeowners undertaking renovations, a notable percentage cited special needs in the kitchen (27%) or anticipated future needs (36%) as their motivation. Many opted for universal design elements to enhance safety and functionality, such as pullout cabinets (58%), additional lighting (54%), and wide drawer pulls (48%).
Other adaptations aimed at accommodating aging in place included nonslip floors (37%), rounded countertops (34%), wheelchair-accessible doorways/pathways (22%), lower fixtures (14%), and lower countertop heights (5%).
Furthermore, the study found a preference among homeowners (54%) to replace all appliances during renovations, with an increasing inclination towards high-tech models. For instance, 30% chose appliances with Wi-Fi connectivity and 29% selected models that could be controlled via smartphone or tablet. These advanced features not only enhance seniors' quality of life by enabling remote control and monitoring but also contribute to energy efficiency, thereby benefiting both the environment and reducing utility costs.
EasyLiving Home features:
1/ Step-free entrances provide easy access and are never more than 1/2" from a driveway, sidewalk, or other firm route into the central living area.
2/ Exterior doors and interior passages provide easy passage because all doors and hallways on the main level (including bathrooms) offer ample clear passage space.
3/ Easy use with no less than one bedroom, a kitchen, some entertainment area, and at least one full bathroom with sufficient maneuvering space all on the main floor.
The EasyLiving Home program certifies that homes meet the program requirements through a non-profit coalition of organizations committed to making homes more accessible, including AARP and several access advocacy groups.
While EasyLiving Homes offers a substantial number of special features, virtually any home buyer can afford one because these certified homes are available at all price levels from the most modest starter home to country club estates. The EasyLiving Home program shows builders how to make their homes more convenient by making small improvements that add little or nothing to the cost of new construction, but would be very costly to retrofit later.
EasyLiving Homes are all about convenience. By grouping all the most essential living areas on a single floor with ample-sized doors and a step-free entry, the EasyLiving Home allows easy access to bulky furniture and getting around whether you’re on foot or in a wheelchair.
“While you may be in perfect health now,” the website states, “the day may come when you or a family member experience health problems that could cause limited access to be a real problem. Elderly relatives will appreciate the easy access and extra entry width when they visit you in your new EasyLiving Home. And in an aging society, an EasyLiving Home will have a higher resale value when it's time to sell.”
Visit http://www.easylivinghome.org/ for more information.
A Seniors Real Estate Specialist® (SRES®) is uniquely qualified to help you take the next step.
As someone over the age of 50, your needs aren't the same as a first-time homebuyer or seller. You might be looking to retire, downsize, or join an active adult community. Whatever reason you may have for considering a move, you can depend on an SRES® to guide you through every part of the process.
Why work with an SRES®?
SRES® designees have unparalleled training and experience in senior real estate, including:
-Helping you manage the financial and emotional challenges of selling a long-held family home
-Creating a customized plan to market and sell your property
-Understanding your unique needs and creating a customized plan to ensure your home meets those needs now and in the future
-Utilizing specialized knowledge in reverse mortgages, 401(k) accounts, and IRAs for your real estate transaction
-Connecting you with their vast network of movers, attorneys, home inspectors, and other experts to help you through the process.
So don't hesitate to reach out by calling me at 608 572 1736