Downsizing baby boomers could make young first time buyers rich. However, as a first-time buyer, you would need to have the skill of being able to visualize transforming an old beater of a house into a cute clean home.
The desire to downsize from the large family home has always been popular amongst the older generation, so it is no surprise to read about it in the newspaper. However, one recent article quoted a consultant as saying that it is becoming even more stressful for baby boomers to downsize, as many of them are moving into very small properties and pursuing a life on the move. This means that even more of their lifetime treasures must be sold or given away, hence the stress.
However, as a first time buyer, you could benefit from these pending life style changes. They could mean a loophole in the property business that you could take advantage of. There are many small homes on the market, and many of them could do with a little TLC. Older baby boomers are not always interested in TLC, many will want a home that is already renovated and that they can move right into.
Added to this is the fact that smaller homes are the best ones for first time buyers to start with, as they are the least expensive. So what to look out for if you plan on buying a smaller home to re-model and sell to a baby boomer?
A home all on one level would be ideal, as people often find stairs difficult when they get older. Most home owners like a garage, so if you view a home without a garage, make sure there is enough room to build one.
Pre-fabricated garage 'kits' can be bought, or garages can be built from scratch, and this is one sure way to increase the value in your property. Another self - build project that will greatly increase the value of the property is a deck, or a front porch - or both!
A front porch can often extend into a front verandah, and these are very popular for sitting out on and watching the world go by. If you do build a verandah, make sure it is deep enough to take a couple of chairs and still have room to walk past them.
You can also improve a home in relatively inexpensive ways that will make it much more convenient for an older couple. For instance, laying a path or a driveway is great for rainy areas. Building your own fence is an easy job; fencing and gateposts are available in precut sizes at the local hardware store.
For even less expensive ways to improve a property consider the following ideas. To cut energy costs, erect a clothes line of some sort, either a rotary line or hang a straight clothes line. Older people are often more diligent about saving money on energy bills.
Planting a few fruit trees and digging out a rectangle of soil - a vegetable patch - will also appeal to the economically minded. If you can landscape the front yard, it will greatly add to the attractiveness of the home - i.e. give it curb appeal. This is a new buzz word defining the salability of your home as it is viewed from the curb.
Paint is one thing that can immediately enhance a house. Always use pale color on the inside of a home, to add light and to give a feeling of spaciousness. Painting the exterior and interior of a house has been quoted as increasing the value by 700% of the cost of the paint!
Now that's showing a profit!
The desire to downsize from the large family home has always been popular amongst the older generation, so it is no surprise to read about it in the newspaper. However, one recent article quoted a consultant as saying that it is becoming even more stressful for baby boomers to downsize, as many of them are moving into very small properties and pursuing a life on the move. This means that even more of their lifetime treasures must be sold or given away, hence the stress.
However, as a first time buyer, you could benefit from these pending life style changes. They could mean a loophole in the property business that you could take advantage of. There are many small homes on the market, and many of them could do with a little TLC. Older baby boomers are not always interested in TLC, many will want a home that is already renovated and that they can move right into.
Added to this is the fact that smaller homes are the best ones for first time buyers to start with, as they are the least expensive. So what to look out for if you plan on buying a smaller home to re-model and sell to a baby boomer?
A home all on one level would be ideal, as people often find stairs difficult when they get older. Most home owners like a garage, so if you view a home without a garage, make sure there is enough room to build one.
Pre-fabricated garage 'kits' can be bought, or garages can be built from scratch, and this is one sure way to increase the value in your property. Another self - build project that will greatly increase the value of the property is a deck, or a front porch - or both!
A front porch can often extend into a front verandah, and these are very popular for sitting out on and watching the world go by. If you do build a verandah, make sure it is deep enough to take a couple of chairs and still have room to walk past them.
You can also improve a home in relatively inexpensive ways that will make it much more convenient for an older couple. For instance, laying a path or a driveway is great for rainy areas. Building your own fence is an easy job; fencing and gateposts are available in precut sizes at the local hardware store.
For even less expensive ways to improve a property consider the following ideas. To cut energy costs, erect a clothes line of some sort, either a rotary line or hang a straight clothes line. Older people are often more diligent about saving money on energy bills.
Planting a few fruit trees and digging out a rectangle of soil - a vegetable patch - will also appeal to the economically minded. If you can landscape the front yard, it will greatly add to the attractiveness of the home - i.e. give it curb appeal. This is a new buzz word defining the salability of your home as it is viewed from the curb.
Paint is one thing that can immediately enhance a house. Always use pale color on the inside of a home, to add light and to give a feeling of spaciousness. Painting the exterior and interior of a house has been quoted as increasing the value by 700% of the cost of the paint!
Now that's showing a profit!
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