May, 2016

Rehabbing with Baby Boomers in Mind

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As an entire generation of home buyers begin to hit their retirement years and start looking to downsize, it’s important for real estate investors and home flippers to stay up to date with what this massive block of home purchasers is looking for in a home.  The National Association of Home Builders recently did a survey to find out what attributes and amenities were important to this demographic, and this is what they found out:

63% of baby boomers desire single story, single family homes.  They don’t want to be in a  multi-family community with neighbors on either side of them, and they definitely don’t want anything with stairs due to the increased potential for falling, or the possibility they may be in a wheelchair in their latter years.

63% of baby boomers want a formal living room.  Sometimes in the frenzy to “modernize” a house, or make it more contemporary, rehabbers look to “open up” spaces to resemble newer construction.  However, if you’re in an area or a neighborhood with a lot of elderly buyers, you would never want to sacrifice a formal living room in order to open up a space, as it will eliminate a large part of your buyer pool.

93% of all baby boomers want to be in the suburbs or a rural area, away from the hustle and bustle of the city center.  And lastly, only 13% of baby boomers are willing to pay extra for “green” or environmental features, so don’t waste your money on them if you’re targeting retirees in your market.

Do you have any experience rehabbing and selling to baby boomers?  Do your experiences match up to the above survey?  Let us know your thoughts in the comment section below!

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