The baby boomers are a huge generation, spanning in birth years from 1946 to 1964. The youngest baby boomers are 52, while the older ones are 70, meaning a lot of them are empty nesters and either retired or on the verge of retirement.
With all that said, we’ve put together some of the top trends in baby boomer home buying. Whether you’re a baby boomer wondering where you should put your real estate dollars or the child of a baby boomer helping mom and dad look for their next home, these trends offer good insight into baby boomer real estate.
Downsizing but Upgrading
Since many baby boomers are empty nesters, they are downsizing to less square footage but are upgrading everything else. They often prefer high end finishes that they may not have had the luxury of owning in the past and they feel that they are finally able to get the home of their dreams! Newer homes appeal to baby boomers because they are seen as more preferable than making costly repairs to homes that are 30 or 40 years old. Another upgrade trend I notice with Cambridge baby boomers? High tech media centres. Tech savvy boomers want top-of-the-line entertainment systems – big screens, surround sound and a central control panel to enjoy.
Moves are Horizontal
Moves after age 50 are often horizontal, meaning that baby boomers tend to move to a home in a nearby neighbourhood. This enables them to stay close to friends and family (and the grandkids!) without having to rebuild an entirely new network of friends, health professionals and even favourite grocery stores.
First Floor Master Bedrooms
Having a first floor master bedroom (and bathroom) is an important aspect of home buying for the older crowd. As boomers age, they are thinking about the future and considering their options as mobility gets a little more challenging. Along with this trend is a move towards wider doors and hallways, homes with better lighting, and more windows.
Easy to Maintain Landscapes
Aging home owners no longer want to worry about mowing the lawn, shoveling snow, weeding gardens or doing other yard work. Many baby boomers are electing to move to condo communities where everything is taken care of for them or eliminating a lot of outdoor green space and filling it with patios or decorative landscaping.
Although the resale value of a home might not be a priority for baby boomers buying a home, it is always something that should be kept in mind. Even if you think this is the last move you’ll make, you should be aware that oftentimes boomers discover the house of their dreams isn’t quite meeting all their expectations. Especially with the growing boom in Cambridge real estate, I advise baby boomers to make sure their home appeals to the next set of buyers so that they can expect a return on their investment.Posted by Greg Dewar on