People still look for and purchase new construction. They have various reasons for wanting something new. Among these are the fact that it is new and never before occupied, that it comes with many warranties - builder as well as manufacturers, that they get to select their features and colors, that it may have a better chance of appreciation, and that it is located in a desirable neighborhood with recreational amenities and other natural features.
A second group of people prefers to rent - single family homes or apartments. They may want to save for an eventual down payment on a future home purchase, enjoy not caring for a home in terms of normal maintenance, or prefer the freedom of being able to move frequently without marketing their home first.
Now a third group - arguably the largest - is the one that wants to continue living where they are now - regardless of their current age, family situation, age of their home, or how long they have lived in it. This is the aging-in-place market - "AIP."
The AIP market wants to remain in their current home indefinitely - for the long-term. For some in this market, they have found what they believe to be their "forever" home and see no need to move from it. Others have no real issue with their present home and don't think about the possibility of replacing it down the line.
Aging-in-place comes about in many different ways, but the bottom line is that people want to remain in their current home. It may serve their needs perfectly as is. It may be real close. It might serve them better with a little TLC or renovation. It might need a lot of work, but the neighborhood, the size of their investment, and other factors make moving rather impractical for them.
Many people simply cannot afford to replace what they have now - to get the same size home or layout for the money they spent on their current home. It would take considerably more to replace it, so they remain where they are.
Others - in fact most people - have such an accumulation of stuff that it makes the prospects of moving seem quite tall. Some cannot part with what they have and don't see moving as the answer to their space issues. Others know that it would take an inordinate amount of time to sort through and cull what they have. Better just to remain put.
So whether the initial objective was to find a long-term home, or it just happened, AIP is real. Those of us who provide services to people who want to remain in their homes - such as safety makeovers, accessibility renovations, room additions, new products and finishes, technology, or modernization - there is a huge market who needs our help.
Learn about my aging-in-place/universal design instructional programs or new home sales training programs at stevehoffacker.com, or call 561-685-5555. © Steve Hoffacker.