It’s taken some time but the house building businesses has finally started to advance. It’s not a major advance but it is moving forward. The National Association of Home Builders/Wells Fargo builder sentiment index released last week rose 2 points to 60 following a downwardly revised reading of 58 in July.
Originally introduced to Congress in June of 2013, the SAVE Act is a bipartisan bill aimed at getting a home’s expected energy costs factored into the value of a home during a mortgage underwriting. The SAVE Act, which stands for Sensible Accounting to Value Energy, has recently gained some momentum within the House of Representatives, as policy makers are looking to include it within energy legislation currently being developed by the House Energy and Commerce Committee.
Passage of the SAVE Act would be a huge win for green homebuilders. It would remove an impediment to home energy efficiency from federal mortgage policy by giving homebuilders and homeowners the ability to recover the cost of efficiency investments. It would also give homebuilders more incentive to build green homes.
Some features that older people are favoring include level floor plans, large doorways, lower countertops and shelving, as well as modifications for shower designs. Boomers, born between 1946 and 1964 count more than 76 million, may be getting older, but most are not ready to head to the retirement home.
Whether they are selling the homes where they raised their children and heading to sunnier regions, or staying put and redesigning to accommodate their retired lifestyle, boomers are making an impact on housing trends.
Some boomers are choosing to work past the age of 65. As they transition from a traditional 9-to-5 jobs, however, they want home offices for flexibility. A second career or part-time employment often eliminates the hassle of commuting while keeping them active and bringing in supplementary income.
As a person ages, there is a likelihood that use of a wheelchair or walker might become a necessity. Designing a home that is livable now but can transition and be functional as the occupant ages is important in ensuring that the home will be a good long-term investment. Wider doors and hallways are useful for moving larger furniture today, and will also be wheelchair accessible tomorrow.
The need for more lighting usually increases as people grow older. To accommodate this, builders are adding more windows and making them larger to let in light that is more natural.
Building designs are changing to meet changing needs.
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Author bio: Brian Kline has been investing in real estate for more than 30 years and writing about real estate investing for seven years. He also draws upon 25 plus years of business experience including 12 years as a manager at Boeing Aircraft Company. Brian currently lives at Lake Cushman, Washington. A vacation destination, a few short miles from a national forest in the Olympic Mountains with the Pacific Ocean a couple of miles in the opposite direction.