There are several factors that affect the purchase of a home: family composition, income, and lifestyle choice to name a few. All three of these will certainly impact the large group of people born between 1946-1964, referred to as the Baby Boomers.
As the Boomers move toward retirement, their lifestyle choices will determine what kind of real estate choices they make as well. And the real estate market in the Nashville area offers many possibilities, and not just for Boomers but for any older homebuyer. Here’s a look at some Nashville real estate options for older buyers.
As we’ve mentioned in a previous post, intergenerational living continues to increase, creating new living arrangements for many families. Older homebuyers may not be purchasing an entire home, but are now looking at sharing a home with their adult children. Several neighborhoods, like Franklin’s popular Westhaven and the new development Berry Farms, offer suites for in-laws. These 450 square foot spaces come with their own kitchens, bathrooms, and provide privacy for all.
While condos have always been a consideration for older buyers, another real estate trend gaining popularity with both older and younger buyers is the detached townhome. Several new community neighborhoods are being developed in the Nashville area that cater specifically to the appeal of having a single family unit that provides all of the perks of being in a neighborhood while keeping the smaller square footage of a traditional townhome. These townhomes provide options for less upkeep on lawns and home maintenance and are usually conveniently located near a wide range of retail and dining options.
Another popular option for more experienced buyers is the single-floor condominium. These condos are an especially good fit for those with health or mobility concerns.
As the idea of retirement has shifted over the years, so has the desire of retirees to stay closely involved with a lifestyle that keeps them engaged in the community.
Similar to the appeal of the townhome, the new pocket neighborhoods being developed are also increasing. Just like the name indicates, these new developments are homes with smaller lots and often less square feet tucked inside a smaller scale, traditional neighborhood set-up. These communities are being built in more urban areas, which makes entertainment and amenities within walking distance. These homes are usually brand new and fully loaded with high-end features and finishes, another part of the appeal for older buyers.
Additionally, many older Nashville homebuyers are looking to move out of town. They seek the quiet beauty of the less populated surrounding Nashville areas that give the sense of getting away from it all, yet remain just a short drive away from the closest grocery store.
Some of the most popular places surrounding Nashville include Arrington, Spring Hill, Leiper’s Fork, Mt Juliet and Hendersonville.
As people’s lives change, so do their needs and what they want in real estate. The good news is that the Nashville real estate market has multiple opportunities for older buyers and with the right agent, the perfect home can be found.