You’ve probably already started planning—or at least dreaming—of your well-earned retirement. Chances are you have been making contributions to your 401(k) at your job, invested or put money aside. But have you given any thought to where you will live when you retire?
Will your home of the past 20, 30 or 40 years meet your needs and desires as you age, or will you eventually have to move to a new home? Whether you stay put or opt to move, how will you maintain that home as you age?
You may have considered relocating to another state or perhaps moving into one of those hip, new active adult communities in Florida or Arizona you’ve heard so much about. It’s a big decision to make—and there are no easy answers.
However, help, resources and information on seniors housing is available to you, so there’s no reason to panic. The National Association of Home Builders (NAHB) recently asked its builder members who build for the 50+ market what kind of homes and communities they are building and what features and amenities they think today’s mature home buyers want. The 2003 Builder Survey, prepared by NAHB’s Economics Group and sponsored by Countrywide® Home Loans’ National Builder Division, takes a closer look at the age-restricted, age-targeted and independent living communities favored by many retirees. You’ll be pleased by the findings.
Baby boomers and seniors have more leisure time in their golden years than when they were younger, but they don’t plan to spend that time doing home maintenance. Builders who cater to seniors have responded in turn. More than three-quarters of the survey respondents listed the desire for a maintenance-free lifestyle as the primary reason why their customers relocate. The majority of builders are including yard or grounds service and exterior home maintenance as tasks more seniors are looking to avoid as well. This means you’ll be able to squeeze in 18 holes of golf or meet friends for lunch, rather than mow the lawn, fix that leaky roof or slap on a coat of exterior paint.
Like many people, you don’t want to admit you are getting older and that you may, at some point, have some difficulty getting around the house. Your eyesight may change, you may develop arthritis or you may no longer want to climb stairs. The good news is that your new home likely will be able to accommodate you as your mobility decreases. According to the survey, today’s builders are including lever door handles, wider hallways and doorways, full baths and master bedrooms on the first floor, grab bars in the bathroom and other features that will make your life easier. The best part is that most of these features are incorporated subtly into the home.
You also may be concerned about security as you search for a retirement home. Most of the builders in NAHB’s survey noted that they are including strategically placed streetlights, home security systems and controlled community entrances and exits in their communities. In addition, builders acknowledge that convenience is important to you, so they are building communities closer to shopping centers, churches, doctor’s offices and hospitals. Builders also know seniors are very active and want to be physically fit and, as a result, are building recreation and community centers, clubhouses, walking and jogging trails and fitness centers within their communities. Additionally, home builders realize that boomers and seniors are more tech-savvy than their parents, and you’ll typically find high-speed Internet capability and structured wiring for electronic gadgetry in new homes.
While new home features that promote a maintenance-free lifestyle with more tailored amenities are the growing trend, it still doesn’t answer the question about where to live. What if you don’t want to move to the traditional retirement havens like Florida or Arizona and prefer to stay closer to your hometown and your circle of friends? And, most importantly, what about the grandkids?
Builders in the survey recognize that most seniors want to be near their children and grandchildren, so they are building homes and communities near them. More than half of the lifestyle or retirement communities being built are in close-in suburbs, while a large number are in outer suburbs. However, builders are developing communities in both cities and rural areas, too. What this means is you have plenty of choices—and that’s great news for boomers and seniors searching for their dream homes.
NAHB’s 2003 Builder Survey is available online at www.nahb.org/seniors. Contact the NAHB Seniors Housing Council at 800-368-5242, ext. 8292 for more information.
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