Housing’s troubles may have a silver lining. If you’re a homeowner, the steep fall in prices is calamitous. But if you’re a future buyer, it’s a godsend. What we’re seeing is a massive wealth transfer from today’s older homeowners to tomorrow’s younger homeowners. From year-end 2006 to 2010, housing values fell $6.3 trillion, reports the Federal Reserve. Assuming there’s no sharp rebound in prices — a good bet — that’s $6.3 trillion the young won’t pay. Up to a point, the lower home prices merely deflate the artificial “bubble.” But there’s evidence that the declines transcend that. The National Association of Realtors routinely publishes a housing "affordability" index, which judges the ability of median families to buy the median-price home at prevailing rates. By this measure, existing homes are the most affordable since the index started in 1970. Young buyers “will be able to enter the housing market at bargain prices,” argues NAR economist Lawrence Yun. When home prices again rise, increases will parallel income gains, meaning that the relative burden of housing costs will remain roughly stable, Yun says. He expects only modest increases in rates. Crises pass and have unintended consequences. The young just might catch a much-needed break from this one. Source: The Washington Post
If you plan to live out your retirement years in your own home, adding universal design features will make aging in place safer and more comfortable. And if you should later sell the house, you’ll find that buyers appreciate how these upgrades anticipate their future needs. Unlike home improvements designed to make an immediate impression, universal design additions with the most sales appeal are those that go unnoticed until you point them out. "The beauty of universal design is when you’re able to incorporate something that looks great and doesn’t jump out at you," says Paul Sullivan, a remodeling contractor in Newton, Mass. In other words, says Armand Christopher, a Realtor who is designated a Seniors Real Estate Specialist: "You don’t put in hospital-grade grab bars in a bathroom when you are remodeling." Fortunately, you don’t have to settle for the institutional look. From ergonomically designed faucet handles to skid-free flooring, today’s universal design products are stylish and subtle. Financing options include home equity loans and reverse mortgages. The best time to add aging-in-place upgrades to your home is before you need them, says Pat Rowen, an interior designer and Certified Aging in Place Specialist in Hillsdale, Mich. Rowen had to tackle a rush job when a client in his 80s fell and broke his hip just before Christmas, and she scrambled to track down materials and workers to do the needed remodel. She says the experience underscored the importance of planning ahead. "If you have to do it under the gun at Christmastime, and you know that your husband is coming home in two weeks and you have a bathtub that he can’t get into — that’s not the time to do the remodeling," Rowen says. Source: BankRate.com
If you plan to live out your retirement years in your own home, adding universal design features will make aging in place safer and more comfortable. And if you should later sell the house, you’ll find that buyers appreciate how these upgrades anticipate their future needs. Unlike home improvements designed to make an immediate impression, universal design additions with the most sales appeal are those that go unnoticed until you point them out. "The beauty of universal design is when you’re able to incorporate something that looks great and doesn’t jump out at you," says Paul Sullivan, a remodeling contractor in Newton, Mass. In other words, says Armand Christopher, a Realtor who is designated a Seniors Real Estate Specialist: "You don’t put in hospital-grade grab bars in a bathroom when you are remodeling." Fortunately, you don’t have to settle for the institutional look. From ergonomically designed faucet handles to skid-free flooring, today’s universal design products are stylish and subtle. Financing options include home equity loans and reverse mortgages. The best time to add aging-in-place upgrades to your home is before you need them, says Pat Rowen, an interior designer and Certified Aging in Place Specialist in Hillsdale, Mich. Rowen had to tackle a rush job when a client in his 80s fell and broke his hip just before Christmas, and she scrambled to track down materials and workers to do the needed remodel. She says the experience underscored the importance of planning ahead. "If you have to do it under the gun at Christmastime, and you know that your husband is coming home in two weeks and you have a bathtub that he can’t get into — that’s not the time to do the remodeling," Rowen says. Source: BankRate.com
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