Renovation Is the New Trend
Over the last few years downsizing has been a big trend within the real estate industry. This was further complicated by the shortage of inventory.
But now there’s another factor impacting the market, and that is renovation. There are those retirees who are not interested in moving but rather renovating where they live so it provides for them the kind of living environment conducive to a non-work life.
The decision to renovate is usually because it is another form of retirement planning for many people in the 50 to 80 age bracket. These home modifications will allow this aging part of the population to remain in their homes. Part of those modifications will also include upgrades and technology, making them smart homes.
According to a survey conducted by Retirement Living, just 30% of the population is willing to consider a retirement home.
In an article published by CNBC, it indicates that Pew Research found that fewer people are willing to consider an assisted living facility; they indicate that just 4% are moving into an assisted living facility.
The number and the percentage of adults age 85 and older who live alone have increased slightly since 1990 to 2014, to 40% up three percentage points from 37%.