Knoxville Business Journal Reflects on Baby Boomer's Shift to Condos

This week's Knoxville Business Journal includes an article on how baby boomers are looking to maintenance free options in their next phase of home purchase.

Josh Flory, who wrote this blog entry earlier in June, penned the article:

As the baby boom generation enters its retirement years, developers see a market among seniors who want to ditch the hassles of home ownership but are still willing to pay a premium price for their abode.
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Perhaps more importantly, the developers are aiming at a market that doesn’t want to be bothered with mowing the yard or mulching the flower beds. “I think there is a growing … interest in condominiums,” Howard said. “I think people — particularly kind of the market segment that we’re targeting, people downsizing or moving out of larger single-family homes — don’t really look as much at another single-family home.”

Find out more information on The Enclave or other Holrob Communities.

Expert Advice on Updating Your Home for Sale

Downsizing? Thinking of selling your home? Experts offer advice on home updates to maximize your return at sale. Most recommend that sellers not undertake major remodeling as a means to improve sale price as remodeling costs are unlikely to be recovered at sale. However, major remodeling is not the same as repair and sellers should be aware that worn and broken furnishings have a strong negative impact on buyers. Fortunately, many repair costs can be recovered at sale and some updates may help you move your house more quickly, as well.

 

Photo by massdistraction.

  • Before you begin, know that the "secret to successful pre-sale home remodeling is to keep up with the Jones’, but never surpass them. Whether you want to make more money than you spend, or just recoup your remodeling expenses when you sell your home, know what’s standard in the neighborhood." Also, whatever you undertake, keep it "neutral, clean, and classic" - now isn't the time to spring for trendy colors!
  • Sellers are likely to recoup most or all of the costs for minor bathroom improvements, such as an updated sink or toilet. By replacing a cabinet sink with pedestal version or replacing the old tub with a nice shower, bathrooms look updated and appealing to buyers. Remodeling Magazine's 2005 data show the average cost recovered for minor bathroom improvements was 102.2 percent.
  • Buyers form first impressions when they drive up to the home and worn or drab siding can be a deterrent, even when interiors are attractive. Siding replacement can help move your home and the likelihood of recovering expenses is high. Remodeling lists the average recovered costs for vinyl siding replacement at 95.5 percent and the average recovered costs for fiber cement siding at 103.6 percent.
  • A minor kitchen update is a good bet - if you know when to stop. "Reface the cabinets with new doors and drawers, put in new appliances, update with resilient flooring and laminate countertops and finish with neutral wall paint" but, again, don't spring for amenities that surpasses your neighborhood's standards. Average recovered expenses for minor kitchen updates: 98.5 percent.
  • If square footage is an issue, consider converting your attic space to a bedroom with a small bathroom. "The payoff for remodeling this existing space is higher than the payback for adding new space. Putting on even a modestly priced master suite addition costs typically costs about twice as much as finishing an attic and the return (82.4%) is lower." Average recovered expenses for attic conversion: 93.5 percent.

Four projects not likely to pay off include remodeling to up-scaled kitchens, home offices, and master bedrooms, and family room additions. Budget tight? Consider snazzy minor repairs such as painting, removing carpet from hardwood flooring, spiffing up the yard, or replacing old light fixtures. A word of caution: Before you break out the hammer, check the data for your area as recovered expenses are national averages.

Moving? Five Ways to Ease Your Transition

No matter how excited you are, moving brings many challenges: a new home means a new mortgage for most; perhaps the move means a new job; old routines are disrupted; and often friends or family are left behind. Even a move across town can bring significant stress. While there's no way to eliminate all the stress from your move, you can certainly minimize it. Here's 5 things you can do to make your move feel less like one of life's major events.


Photo by thornypup.

1.    Sort and dispose of, donate, or sell unnecessary clutter and furniture well before the big day. How to know what is 'unnecessary'? Here's a checklist to help you sort. The big tip here is to know the capacity of your new home and not take too much - and don't move anything dirty or that you'll throw out when you get there! Clean everything before you go and be honest with yourself when struggling with your decision to part with that broken chair you've been meaning to fix!

2.    Start packing really early. My most recent move was scheduled nine months in advance and I began packing six months before the trucks pulled up. Sorting as I went, I packed in this order: Garage first! Sort and pack as much as you can and make sure to save room to store additional completed boxes as you finish them. Next, scour your house for items that you won't "miss," such as extra dishes, files for storage, and decorator items from the tops of cabinets and shelves. As time draws closer, pack up the rooms that are the least used such as formal living rooms, libraries, under-utilized offices, formal dining rooms, and guest bedrooms. Finally, many suggest that you double the time you think you'll need for final packing. There's always more to do than you think and packing all night before the trucks arrive is no way to combat stress. How to pack? There's a guide here and a list of essentials to keep handy here.

3.    If you have children and/or pets, consider their care before you go. Here's a few tips: Young children might be better off with family or friends; besides the additional stress that caring for them while moving will bring, their safety should be considered, as well. Older children might be helpful, but for shorter periods than you would probably like. Patience, food, and entertainment will ease their stress and yours! Pets may need to be kenneled or kept in an empty room in the house with food and water for their safety. Post a sign on the door to remind everyone who's inside!

4.    Consider your family's feelings - and yours, too! Small children, teens, spouses, and extended family are affected in different ways and so need to cope in different ways. Knowing what you are feeling and how to help them is an important part of a smooth transition - before and after the move.

5.    Know your limits. Recognize and acknowledge when you feel anxious or stressed and practice these exercises to reduce your stress response. Keep a sense of humor, too! Laughing lightens any load!

For additional information, submit your questions here

Downsize Request for Comments: Tell Us Your Thoughts or Questions about Moving to a Smaller Home

A number of our clients tell us that they worked for years to build a bigger home, and now they simply want less—less space, less maintenance, less headaches.  Downsizing for many is an act of liberation that frees them from unnecessary responsibilities and allows them to be free to travel or do as they please.

Downsizing

As we compile information about this transition, it is apparent that the move to a smaller home is a major life adjustment, which is teeming with excitement and some apprehension. Holrob Communities is preparing a symposium/workshop that details many of the considerations and helpful tips when downsizing, and we would like to hear from you.

Let us know your comments here.