Some eighty percent are excited about innovative ways of lowering the costs of living in their homes, such as installing smart thermostats or using apps to operate appliances. Another fifty-eight percent are looking for technologies to aid in maintaining their home. For example, robots that can clean or heated driveways. According to David Baxter of Age Wave, a research and consulting company that collaborated with Merrill Lynch to find out what the ways retirees are changing the living spaces.
Baxter states that forty-seven percent of home renovations – approximately $90 billion per year – comes from households fifty-five and above. Retirees are renovating their houses to ensure their safety as they grow older, but they are also wanting to make their homes more attractive and versatile in hopes that they could continue to live in them rather than relocate to live with family or in an institutionalized setting once they become elderly.
As homeowners grow older, especially into their eighties and nineties, they do become worried about health problems – and want their home renovated to accommodate their health challenges.
So what is the focal point of Baby Boomer retirees making these home renovations?
No. 1: creating a home office. Baxter considers that a surprise because you would think the focus would be on putting in ramps and handrails in the home.
No. 2: making their home attractive. Since they no longer have their children living with them, couples have more time and money and are looking to transform their home to be as comfortable and as beautiful as possible.
No. 3: adding to the kitchen. According to focus groups and experts, retirees have the desire to upgrade them for entertaining guests.
No. 4: changing the home to include safety features that accommodate growing older. Common safety features are handrails and grab bars. Individuals are encouraged to put in no-step entries, make hallways and doorways larger, improve accessibility to electrical controls, install level-style handles on doors and faucets and lower countertops and cabinets.
No. 6: changing the home to live on a single story to eliminate difficulties of climbing stairs. Among people over the age of eighty-five, seventy-four percent experience difficulties with daily activities, such as housework or getting around the home.
As for putting the newest technologies into their homes, Baxter states the it is interesting that most of the time they are marketed to only younger individuals because the survey indicates there is interest among Baby Boomers for smart thermostats, sensors and other technologies.
Distributed by Now it Counts
Company Name: Now it Counts
Contact Person: Abby Tegnelia
Country: United States