The great housing dilemma - baby boomers aren't moving
- Thread starter BV
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Like I said Sunny, My friend and I have been dabbling in duplexes. We were building 3x2x2 up until last yr when we were forced to build 2x1x1. He has sold 2 - both to single BB's with interest from others. I have sold 1 and am just about to build the 2nd. Out of all my inspections there were 6 singles aged around 50. There was a also single mum in her early 40's and the couple who purchased were early to mid 40's. I had 3 seperate offers from the single boomers but sold to the childless couple. Now this isn't going to happen in all areas and may never happen again to me but it did open my eyes up to a new market. I will say also that I am building in a demographic where there are 25% of childless couples, 21% single parents and 10% lone households.
And I must admit that I was going out on a limb without evidence to call it a trend - it may just be a niche that no one else in the area has considered. I will continue to build 2x1x1 on the next 2 projects and will keep folks up to date with the results.
And I must admit that I was going out on a limb without evidence to call it a trend - it may just be a niche that no one else in the area has considered. I will continue to build 2x1x1 on the next 2 projects and will keep folks up to date with the results.
If it's a niche, it looks like a profitable one.And I must admit that I was going out on a limb without evidence to call it a trend - it may just be a niche that no one else in the area has considered. I will continue to build 2x1x1 on the next 2 projects and will keep folks up to date with the results.
I can't see BB downsizing especially those that have well established roots in their neighborhoods.
Even now I don't see those before the BB downsizing even though many of them are alone through the loss of a partner.
I know a lot of these elderly types through my mothers, aunt's and IL's friends and neighbors and not one has downsized even those that are infirm and very elderly.
With the availability of services to the elderly to keep them in their homes and their desire to do so what would be the main driver of having elderly downsize?
I would think the biggest one would be financial or moving to be nearer to family and supports (resulting in a downsize).
Even now I don't see those before the BB downsizing even though many of them are alone through the loss of a partner.
I know a lot of these elderly types through my mothers, aunt's and IL's friends and neighbors and not one has downsized even those that are infirm and very elderly.
With the availability of services to the elderly to keep them in their homes and their desire to do so what would be the main driver of having elderly downsize?
I would think the biggest one would be financial or moving to be nearer to family and supports (resulting in a downsize).
My grandmother was still living at home by herself when she was around 90. I used to check on her every weekend and my mother would go round during the week. The beginning of her slide into a care facility was when she broke her arm and ended up in hospital. She wasn't happy about the thought of leaving her flat, but one day I went to see her in hospital and she was pretty cheerful. She said, 'I had my first ever shower with a man today!' There was a male nurse on duty for the first time that day. At that point she decided going to live in assisted care might be okay.
If you're so contented, what on earth drives you to come on here and get all stirred up over others opinions?
Good question. I wonder why too.If you're so contented, what on earth drives you to come on here and get all stirred up over others opinions?
Evidence is that there is some down-sizing. However most BB are only just retiring now. 60-65 is not the age when too much space and maintenance becomes an issue. Wait another 5 years.
Also remember that lots of people are basically forced to downsize because they can't afford to constantly pay for help to maintain a large place (or heat it all winter).
Wealthier BBs might not be forced to make that decision because they can pay for the cleaner, the gardener and the painter.
Also remember that lots of people are basically forced to downsize because they can't afford to constantly pay for help to maintain a large place (or heat it all winter).
Wealthier BBs might not be forced to make that decision because they can pay for the cleaner, the gardener and the painter.
Plenty of BBs are also retiring with not enough super - especially after that GFC hiccup. Selling the big family home is something that many will opt to do so they can have some spending money.
my parents are in their 70s and they have just started to talk about retirement villages and the possibility of moving to one. i highlight the word 'talk', because that is all they are prepared to do.
however, it is quite a breakthrough. they have been in their house for almost 50 years and they do not want to move. it will very much be baby steps for my parents. and i do not blame them. it is not simply a house. it is a home that they've invested not only money into but their lives into and it is full of memories. deep down i do not want them to sell and move either as it is 'home' for me too.
however, it is quite a breakthrough. they have been in their house for almost 50 years and they do not want to move. it will very much be baby steps for my parents. and i do not blame them. it is not simply a house. it is a home that they've invested not only money into but their lives into and it is full of memories. deep down i do not want them to sell and move either as it is 'home' for me too.
The other thing to bear in mind is that older people are remaining active for longer.
As an anecdote, I was visiting my parents at the weekend. My father's 68 in about a month and doesn't seem ready to retire. His work involves pulling heavy pumps (50 kg plus) out of the ground amongst other things.
He was saying that one of his friends, who is 70, is now testing lifting tackle on offshore wind turbines. This involves going out to these on a boat, and climbing up the tower. So not exactly a phyiscally undemanding job.
Neither my father nor his friend are looking to stop working anytime soon. If they can cope with this then I'd expect the slightly younger Boomers to be capable of maintaining a large house for some time to come.
I think that lifestyle (moving into the city centre or out to the country) or financial reasons are going to be the drivers in the medium term.
As an anecdote, I was visiting my parents at the weekend. My father's 68 in about a month and doesn't seem ready to retire. His work involves pulling heavy pumps (50 kg plus) out of the ground amongst other things.
He was saying that one of his friends, who is 70, is now testing lifting tackle on offshore wind turbines. This involves going out to these on a boat, and climbing up the tower. So not exactly a phyiscally undemanding job.
Neither my father nor his friend are looking to stop working anytime soon. If they can cope with this then I'd expect the slightly younger Boomers to be capable of maintaining a large house for some time to come.
I think that lifestyle (moving into the city centre or out to the country) or financial reasons are going to be the drivers in the medium term.
That is right of course, but they will prove the "common wisdom" of demographics to be wrong while they are at it.
Baby boomers did not bid up the price of houses and they have no obligation to anyone to move and make them available to others. What will be, will be. Live with it. If you think about it, the pre-boomers (the ones retiring now) are prolly in the inner burbs and the real money is to be earned "out west" so I see no conflict.
I'd agree. See this article from the BBC.
http://www.bbc.co.uk/news/health-11243976
My guess is that the retirement age is going to rise to around 70 in most countries in the not too distant future. It's already edging up in Europe (most are looking at 67), and the GFC seems to have sped things up.
I have an accountant friend who always 'tsk tsks' me for not putting extra into super, but investing directly in property and shares instead. It will be interesting to see if that changes as retirement age increases. I'm quite looking forward to starting my semi retirement in 10 years, while still in my early forties.
I've ready various texts that seem to point to Australia setting to retirement age to 67 in the next few years, increasing over a 10 year period to 72.
Bugger that - I want the choice to not work well before then.
I've ready various texts that seem to point to Australia setting to retirement age to 67 in the next few years, increasing over a 10 year period to 72.
Bugger that - I want the choice to not work well before then.
We are upsizing!
Mike and I are BB and we are hoping to have the HOTTA (House Of The Third Age) finished by about middle of next year
This will be five bedrooms. Not much point in having children we love if we don't have room for them. Dinner on a Friday night and them rushing off into the dark just doesn't cut it for me.
Our new house will be built for their extended stays - or even just a few weekends each year - and eventually all the (future) little chicken schnitzels coming back from the beach (we will be 7 doors from the beach) will grow into wind surfing teenagers and so it goes on
But - we are building this house with crook knees and bad backs in mind. Our bedroom will be upstairs (views of the Bay) with a second main bedroom on the ground floor for Ron (views of the Bay).
Couldn't be bothered with a passenger lift, but will probably install a dumb waiter primarily so that we can take our dinners upstairs and eat on the terrace (did I mention that we will have views of the Bay?).
Ah, but it will be a tough life!
And then some other family can enjoy our well worn family home - 800 metres to school, nice quiet court, would have views of the hills if it wasn't for the trees - happy to recycle anytime soon.
cheers
Kristine
Mike and I are BB and we are hoping to have the HOTTA (House Of The Third Age) finished by about middle of next year
This will be five bedrooms. Not much point in having children we love if we don't have room for them. Dinner on a Friday night and them rushing off into the dark just doesn't cut it for me.
Our new house will be built for their extended stays - or even just a few weekends each year - and eventually all the (future) little chicken schnitzels coming back from the beach (we will be 7 doors from the beach) will grow into wind surfing teenagers and so it goes on
But - we are building this house with crook knees and bad backs in mind. Our bedroom will be upstairs (views of the Bay) with a second main bedroom on the ground floor for Ron (views of the Bay).
Couldn't be bothered with a passenger lift, but will probably install a dumb waiter primarily so that we can take our dinners upstairs and eat on the terrace (did I mention that we will have views of the Bay?).
Ah, but it will be a tough life!
And then some other family can enjoy our well worn family home - 800 metres to school, nice quiet court, would have views of the hills if it wasn't for the trees - happy to recycle anytime soon.
cheers
Kristine
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A bit late as a post reply, but the family house, and family home are words worlds apart, the place where your youngans feel safe and have grown , fought, loved and partied , its usally a place were we gather each festive season, get pissed fight and hug with our siblings each and every year, when this special place is gone only to resort to some forieghn park where mums roast dinner is'nt the same any more!
yes the BB's will move on. This is when the next gen get to bussie with their own family gripes and have their own baked dinners, and their kids get pissed and cuddle with their sibblings, I think this down sizing will be in our folks 70 to 80's .
my uncle is building large units with key style entry. These units have lifts and play areas for children, u ground pool and spas , his aim is for old dad and mum to be self relient, and still have a place for the grandkids to play and the oldies talk about all that grown up stuff. i would expect this to change in another 10 to 20 years, thats when these homes will be sold. and the owners move on. Especially as these 80 year olds are still so bouncy,
yes the BB's will move on. This is when the next gen get to bussie with their own family gripes and have their own baked dinners, and their kids get pissed and cuddle with their sibblings, I think this down sizing will be in our folks 70 to 80's .
my uncle is building large units with key style entry. These units have lifts and play areas for children, u ground pool and spas , his aim is for old dad and mum to be self relient, and still have a place for the grandkids to play and the oldies talk about all that grown up stuff. i would expect this to change in another 10 to 20 years, thats when these homes will be sold. and the owners move on. Especially as these 80 year olds are still so bouncy,
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