Do you believe that there is a home for everyone? A home for all the seasons of their life.
Most of us wanted to stay in the same house, in the same area without the hassle of moving home. The trouble is our lives change. We go through seasons in our lives and our needs for our homes also change.
Let’s look at who are the current homeowners and aspiring homeowners.
If we look across the generation, following Wikipedia’s definition, these are the main current homeowners and aspiring homeowners:
- The Baby Boomers (born 1946-1964)
- Generation X (born 1965-1980)
- The Millennials (born 1981-1996)
The Baby Boomers and the Generation X are the generations that currently own most of the family homes in the housing market. The millennials are those who are still renting or living with their parents.
The housing imbalance also occurs in home suitability. Most baby boomers who are ready to retire can’t find a suitable home in the market to downsize to. They end up staying put in the original family home, even after their children leave home. They also end up with a house that is too large and hard to maintain as they grow older.
Ideally, they want to move to a house they can grow old in comfortably. Possibly a one-story house with level passages in and around the house.
Whereas the millennials faced a different challenge. Those who are single or couples can’t find a smaller affordable home in the market. If they have a family, most of the family home on the market is still occupied by the Baby Boomers who can’t move out or find a suitable smaller home. This forced the millennials to the rental market rather than owning a home. Or some millennials will stay longer with their parents in order to save up for home deposits.
Is there a home for everyone?
I believe there is a home for everyone!
If homeowners started to tell the market what they need and what they want, we would have a home for everyone. A home that meets your needs, a variety of homes for everyone during the different seasons of their life.
As we have identified, the Baby Boomers, the singles and the couple Millennials need different homes other than the 4-bedroom family homes. However, most of the homes in the market are 4-bedroom family homes that don’t meet everyone’s needs.
Why do we keep on building 4-bedroom family homes?
Good question! There is a belief that has been going around in the housing market that says a 4-bedroom family home has a better resale value.
Interestingly, as we discover, not everyone can afford or needed 4-bedroom family homes. The singles and the couples who are first homebuyers don’t need or can afford 4-bedroom family homes. The downsizers also don’t need 4-bedroom family homes.
However, everyone is told to desire and to buy 4-bedroom homes whether they need it or not because of better future resale value. This belief creates a continuous demand for this type of house which also pushes builders and developers to keep on building 4-bedroom family homes.
How do we get out of this cycle?
It is time for homeowners to create your own market. You need to design and build a home that works for you and a home that you can afford. When you listen to your need, there are other people who are in the same season of life as you who will desire your home. That’s what secures your home’s future resale value.
The market and industry will follow your demand and needs. And there is a home for everyone for all the seasons of their life!
If you need help to plan for your future home project, book our FREE clarity call.
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