You might have heard of, “Sixty-five is the new forty-five.” We chuckled, but the more I thought about it, the more I found myself in full agreement.
With more and more people working beyond traditional retirement age and the advances in modern medicine, the lines between middle and late adulthood are becoming a bit blurred.
What makes this relevant in the world of real estate?
Well, let’s hope we all eventually make it there, but we may also have a parent or friend who is there already. Understanding the needs behind buying a home as a senior is important.
First of All— not all seniors are the same.
Just as with using any label, we run the risk of putting people into a category when they may or may not actually belong there. This is especially true of the senior segment.
Despite the label of “senior,” there are 3 distinct types of moves you may encounter as a real estate professional — all three involve seniors, but they aren’t based necessarily on age. You see, age is not a good predictor of relocation. Instead, people generally make changes in residence based on life circumstances.
Listed below are the three primary types of moves made by those labeled as seniors:
Move 1: Amenity-based
These individuals and/or couples are seeking a certain type of lifestyle and their home is only one component of a much larger picture. When looking to sell, they are usually transferring their equity from one home to the next and can usually either pay cash or put a significant down payment towards their purchase. Depending upon employment status, they may be moving across the country for more appealing climates or seeking a place near an airport making it easier to commute. Some are moving closer to kids and grandkids, while others are moving to destination locations where the family can enjoy visiting.
Social engagement, including quality family and friend connectedness, are key decision-making elements.
Move 2: Anticipatory / Planning
As people age, they may begin to experience changes in personal health status or become the caregiver of a spouse requiring additional care. When this occurs, people may find their current home unmanageable or no longer suited for their current situation. Moving means simplifying and making preparations for future care needs and support. With this type of move, seniors are typically looking to either buy or lease a property with minimal maintenance, accessibility features, and in close proximity to quality healthcare. Family members and adult children may be called upon at this stage to assist, and will often have some influence in the relocation process.
Access to formal and informal support, as well as low maintenance and accessibility features, are primary decision-making factors.
Move 3: Needs-based
While most people intend to live independently until they die, unfortunately, this reality isn’t always possible. As health declines to the point where more support is needed than can be provided for within the person’s home and community, relocation is necessary. This move may involve selling the personal residence and relocating to a senior living community or into the home of a family member. In many cases, needs-based moves involve caregivers and/or family members as additional decision makers. Late-life moves involving frail elderly or those experiencing illnesses or disease processes can be highly emotionally charged and necessitate a level of empathy in addition to real estate competency.
Timing, health status, and caregiver support are keys to decision-making.
As you can see from these various different types of moves, not all seniors share the same housing needs and goals. Call Craig Adelman now at 303.809.8979 if you are ready to buy that retirement home you have been waiting for!