The stock market is back, bringing with it the net worth of aging boomers. True, a rise in investments only offsets a loss in home equity, but that's a better scenario than last year. Look for aging boomers to make their final home purchases this year. They'll finally muster the courage to sell the family house -- depreciated as it might be -- and roll over whatever equity is left to a one-level condo, ranch or bungalow.
If you aim to sell a condo, ranch or bungalow, you are already in the sweet spot. Make it even sweeter by adding a few features that 65-year-olds crave so they can 'age in place.' These features make it easy and safe to live at home when it's hard to manage stairs and home maintenance.
- Put the laundry room on the first floor. Even if you have to sacrifice a half-bath or closet to do it.
- Replace door knobs with levers.
- Replace hard-to-grasp knob-type faucet fixtures and cabinet pulls with levers and open handles.
- If the house doesn't have at least one barrier-free shower, remodel one main floor bathroom to include one -- even if it means taking out the bathtub. These days, a house only needs one bathroom with a tub.
- If your bathroom walls are open, add grab bars that screw into studs.
- If you are repairing or renovating entryways, consider making the staircases longer and more gentle.
- Renovate porches and decks with an option to add a wheelchair ramp to one side.
You'll want to market these improvements tactfully. After all, just because the house is now convenient for seniors doesn't undermine its appeal to everyone else. Consider two listing sheets -- one in the standard format and the other that highlights senior-friendly amenities.
For more ideas, check out this story that recently ran in the Los Angeles Times.
