There are many people who desire to purchase a newly constructed home. They have various reasons for wanting something new, including getting a home that has never before been occupied, that it comes with many warranties – from the builder as well as various manufacturers (of systems, appliances, and other components), that they get to select their features and colors, that their home may have a better chance of appreciation than older homes, and that it is located in a desirable neighborhood with recreational amenities and other natural features.
Some people who are looking for something different to occupy prefer to rent rather than purchase – single-family homes or apartments. They may want to save for an eventual down payment on a future home purchase, enjoy not caring for a home in terms of normal maintenance, or prefer the freedom of being able to move frequently without marketing their home first.
Arguably the largest group of people are those who want to continue living where they are now – regardless of their current age, family situation, the age of their home, or how long they have lived in it. These are people who want to age in place.
They prefer to remain in their current home indefinitely – for the long-term. For some in this market, they have found what they believe to be their “forever” home and see no need to move from it. Others have no real issue with their present home and don’t even think about the possibility of replacing it down the line.
The decision to age in place comes about in many different ways – sometimes a conscious choice and sometimes more the result of inaction – but the bottom line is that people want to remain in their current home. It may serve their needs perfectly as is. It may be real close. It might serve them better with a little TLC or renovation. It might need a lot of work, but the neighborhood, the size of their investment, and other factors make moving rather impractical for them.
Many people simply cannot afford to replace what they have now – to get the same size home or layout for the money they spent on their current home. It would take considerably more to replace it, so they remain where they are. Even if renovation or maintenance is required, this is far less of an expense for them than moving would be.
Others – in fact, most people – have such an accumulation of stuff that it makes the prospects of moving seem quite tall. Some cannot part with what they have and don’t see moving as the answer to their space issues. Others know that it would take an inordinate amount of time to sort through and cull what they have. Better just to remain put than face what they have collected and amassed over the years.
So whether the initial objective was to find a long-term home as people were seeking to move from where they were living at the time, or it just happened because they just kept on living in a home that worked reasonably well for them, they now are part of the majority of people over the age of 50 who are aging in place. They have reached a point in life when they don’t want to encounter the disruption that a move causes.
There is stability in finding a long-term home and in remaining in it. We get to help people make the changes they feel are needed to help them have a more enjoyable and safer lifestyle in the homes they have chosen.