So boomers plan to stay put. That is at least 55 percent of the folks that were surveyed said that was the plan. The are not moving any time soon. The problem is that they live in what’s termed “time capsules” – homes that were built before 1980 and have not been renovated. Seventy-three percent have lived in their homes for 11 years or more.
You’ve probably read (numerous times) that boomers are preventing millennials from finding homes for their families. Experts call it a generational tug-of-war. When boomers finally buy the farm (give up the ghost, cash in their chips, push up daisies, kick the bucket, we could go on and on…but wait, no we can’t), these homes are going to need substantial renovations.
Only 25 percent of those surveyed were planning on making accommodations for aging in place with safety and accessibility features. Go ahead. Picture that walk-in bathtub. Don’t lie. You know the one. It’s the one you see advertised on Facebook and in AARP publications.
When millennials finally get their hands on these properties, they could be looking at a substantial investment –– either to upgrade roofing, plumbing, mechanicals, etc. or just the removal of two dozen grab bars and a walk-in tub. Some good advice for millennials might be to invest in home improvement companies over the next few years because those companies will be repairing a huge number of homes in the next 15-20 years.
Eighty percent of the boomers surveyed believed they would leave an inheritance, presumably a property and some cash. But in an odd disconnect, only 51 percent of millennials expected to receive an inheritance. However it turns out, it could be one of those “be careful what you wish for” situations. If it’s a sizable inheritance, that will cover the renovations to an inherited house. If there is no inheritance, a millennial may end up house poor as they try to keep a property that requires extensive renovations.
Something for all the generations to think about.
Jay Harrison is a writer and creative consultant for DesignConcept. You can also visit his author page here. His newest mystery novel, Rio Puerco Demise is available on Amazon. His first mystery novel, Head Above Water, is also available on Amazon. But that’s not all. You can also purchase the Best of BoomSpeak on Amazon.
