These are not your grandmother's retirement homes. The Williams are getting ready to retire and like their retirement funding, they are already way ahead of the game when it comes to buying that last house. After looking at many different options, they chose an active adult only community in the suburbs close to the city that both have worked in for more than 30 years each. However, many move to warmer climates.
Dorothy Williams, who is 56 and qualifies to retire under her company's retirement policy, understands this is the last house they are likely to purchase. She and her husband have the money and want to live a life of luxury during retirement. They also want an atmosphere enabling an active as well as social lifestyle.
Retirement communities meeting these requirements are starting to pop up across the country. More so in the warmer climates where retirees don't need to deal with the snow and cold of the winters. It's not uncommon for these communities to have multiple homes that are worth $1 million or more.
Many of these younger retirees spend a few years working from home over the internet after retiring from the corporate world. A high speed and highly reliable internet connection is vital. Additionally, they are looking for out of the house lifestyle amenities that include: a clubhouse, a fitness center, pools, classes, lectures, and walking trails. These can be expanded to include tennis courts and golf courses if the community is large enough to support them.
The social aspect is about creating opportunities for them to interact with others living in the community. This goes beyond meeting neighbors during coffee breaks at craft classes, lectures, and other classes. They want to be able to walk around in the evenings on well designed and well maintained sidewalks with a glass of wine in hand while they stop to chat with neighbors that were in the same activities they were earlier in the day.
Whether you're a contractor or a sales agent, if you're going to sell these young baby boomers a home approaching $1 million in value, you better deliver high value. After 30 years in the day-to-day corporate grind, these people believe they have earned it and have the money to pay for it.
Some of the luxuries they want built into the home include: gourmet kitchens, luxury bathrooms with pedestal tubs, grandchildren suites, and exercise rooms where walls lift automatically, opening onto outdoor kitchens with mountain views. Hundreds of upgrades are available.
They want to go from walking a well-manicured trail in the afternoon to a luxury shower in the late afternoon and to step into a well-appointed kitchen to prepare a gourmet dinner.
Unlike generations that have come before them, this generation of retirees isn't looking to down size into a smaller home. Of course, you'll want almost all of these homes to be single level because these people will be growing elderly in their final home and soon won't be able to climb stairs. Many are looking for homes in the 3,000 to 4,000 square foot size. Most aren't concerned with resale value because they intend for these homes to be the last ones they ever live in.
Active adult communities have seen high demand in recent years, and builder confidence in the sector has been rising steadily, according to the National Association of Home Builders. Both contractors and agents need to understand the new marketplace.
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Author bio: Brian Kline has been investing in real estate for more than 35 years and writing about real estate investing for 10 years. He also draws upon 30 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. With the Pacific Ocean a couple of miles in the opposite direction.