Retirement Alert: Non-Negotiable Must-Haves When Buying a 55-Plus Home
55-plus communities are very much on the minds of older Americans, who see organized, community housing as an affordable way to live in a retirement home, with multiple benefits built into the entire package.
But those 55-plus buyers aren't jumping in, head first. They know what they want and won't buy a home until they're sure it comes with perks, benefits, and amenities that make life easier for the near-retirement and retirement set.
Here's why. According to a new study of 1,000 Americans aged 55-or-over by 55places.com, an online platform for older homebuyers, geography matters most to those buyers, along with some much-needed, non-negotiable staples like single-level homes, a first-floor master bedroom and a modern kitchen.
"A preference for single-level living is expected with 55-plus homeowners as it is more convenient and less taxing to not have to climb stairs as they age," explains Danny Goodman, chief operating officer for 55places.com.
According to 55places.com, the next most desired feature is a modern kitchen, which is "defined as having granite countertops and new, stainless steel appliances," the company states in an email to TheStreet. "Approximately one-third of those surveyed said a modern kitchen was important, with nearly 41% of U.S. Northeasterners seeking that feature."
In addition, older homebuyers express a strong desire to buy a newly built or recently renovated home.
"Many retirees are moving from homes they have lived in for a long time-often where they raised their families for the last 20 years or more," Goodman adds. "Now that they have a chance to purchase a new home, they want all the bells and whistles they've been craving but never had."
Buyers say that list of non-negotiable "must-haves" is a long one.
"I'm already reading Zillow posts because we'll be shopping for a retirement home starting this fall," says Linda Carlson, a marketing and media relations professional with Parenting Press in Seattle.
Carlson says the following items are on her family's wish list:
- All living on main level, including laundry room (guest bedrooms can be upstairs, laundry sink is a must, and Carlson won't go for a stacked washer/dryer)
- Lots of light, because she'll be home more of the time.
- Privacy. "We want a large enough side yard set back so we're not looking into our neighbors' houses, or the neighbors' into ours," Carlson says.
- Attached garage with entrance to house. "I'm only here once a week, and I'm just starting to get into retirement mode," she adds.
55-plus buyers also want a sense of community and fun experiences in their home purchase.
"The social club is extremely important in the 55-and-older communities," offers Kylee Della Volpe, a writer and editor for Mortgages.com, a consumer-to-consumer website with information on mortgages, buying and selling homes. "Not only does it help you meet people, it's helping you get to know your neighbors, which is a plus in any community, especially if you're moving to a new town. We always recommend people check out the types of activities available before moving to a 55-and-older community."
Marshall Gobuty, president of Mirabella, a "New Home Community" in Bradenton, Fla., says the "newness" of the planned community is a big priority for 55-plus buyers, too.
"People want to be part of a community so they feel safe and secure," Gobuty says. "They want and always seem to prefer new communities over established ones, as everyone moves in within a similar time period, and they feel like they are founding fathers of the community."
Financially, buyers want low homeowner's association fees and verified utility bills, Gobuty adds. "Owners want fixed costs, they don't want surprises, so we have a third-party verification system which allows the owners to have peace of mind knowing they are in the most energy efficient homes in the country," he says. "Also, a fixed association fee like ours, at $190, allows them to also manage their cash flow in a predictive manner without any surprises."
With America's 77 million Baby Boomers well into their 50s and 60s, planned 55-plus community homes are in a boom period, as well. But knowing the fickle Boomers, planned community companies better give them what they want in a retirement home - or they'll find someone else who will.