While home buyers over the age of 55 still favor purchasing existing construction homes, more are starting to consider newer construction, and a sizable percentage invest in senior housing when purchasing over 50. According to builder Peter Grenier, owner of Wicked Good Woodworks LLC, the options for new construction for the senior set make it an ideal choice for a retirement-era purchase for a variety of reasons.
Peter Grenier discusses savings in new home construction
Sometimes buyers get lucky and find the perfect home when searching existing options, but investments in a retirement home can include extensive renovations to turn it into the perfect abode. Factor in closing costs, any necessary upgrades, repairs, and maintenance, and additional costs end up eating away at any bargain found in the purchase price.
A new home build can feature more upfront costs, but these often even out early in the life of the home as there are fewer repair and maintenance costs, and renovations are typically not needed for an extended time period — if ever. Depending on the real estate market in a given area, a new home build can even be cheaper than new construction. For example, according to Union Bank research in New Hampshire, new construction costs in New Hampshire are only slightly higher for a 2,000-square-foot home than the median purchase price for an older home of the same size.
Peter Grenier said investing in new home construction in New Hampshire and beyond also allows senior citizens to customize a home to fit their idea of a dream home and any lifestyle modifications they may need as they age. For example, bathrooms can be designed with walk-in showers in a master suite versus garden tubs, or accommodations can be built-in for any disabilities.
Many home buyers 55 and up are also looking at their last home purchase, so it is a wonderful opportunity to invest in lifelong dreams. From built-in bookshelves, granite countertops, and the best outdoor deck to an attached, enclosed garage, the possibilities are endless, and it’s important for the buyer to build the space they want.
Investing in the retirement experience
Retirement is also an excellent time for homebuyers to contemplate the experience they want in retirement, and building new is a great chance to shape that life. New retirement communities are under construction nationwide, according to Peter Grenier. These are often designed with an active retirement in mind and the amenities senior citizens want, such as tennis courts, golf access, pickleball, social clubs, and more.
By buying a lot in a community and choosing a home design that fits lifelong dreams, the retiree can truly move into the next stage of life, ready to make it the best stage.