I love our house. I want to buy a second home for mom & dad,close to us and new...
But damn ....
The new ones are all two story homes and my parents are 80 years old.
Welcome to the new millennium. You're a "Boomer"right, probably in your forties or fifties. Your kids are not out of the house and your parents or in-laws are living longer. You are now a big game hunter. Your ever elusive prey is ... a new one story house. Unfortunately for the last 20 plus years, with land at a premium and "McMansions" (the most popular, or profitable) type of home built, finding a single level place today with the amenities boomers demand is like finding the proverbial needle in a haystack.
Why is single level so important? Boomers are the first generation to have parents alive and well into their 70's and 80's, (and even 90's!) I know my grandfather was dead at age 57 of a heart attack, but his daughter (my mother) will be 81 this month. She travels, she gardens, she cooks, she gives parties, and her social calendar is so full that I must call her weeks in advance to have lunch with her. So I think the immediate answer is:Buy a home in a 1950's neighborhood and do an extensive renovation.
These homes usually came with bigger lots, making it easier to push out as opposed to going up. This is also going to be a good project for "flippers." The market for single level housing is being ignored. Big mistake. Single level, no stairs is going to be a hot ticket. Building a brand new rancher in some states can be costly because of the price of land. Land use to be 10% of the cost of your purchase or decision to build. Now that land cost is between 30% and 40%.
You are definitely going to see those 1950 ranchers being snapped up. They are usually missing the big master bedrooms, and maybe one bathroom, but people are desperate to have that single level and are remodeling these houses like crazy, adding on the space they need. Some neighborhoods are completely unrecognizable as a result of this. This is the wave of the future.
Who's my target buyer? First time buyers are out "last time buyers are in!" First Time Buyers usually have limited cash, haven't established a lot of credit, they're still looking at sticker shock, going from renting to a mortgage payment and who can't really jump through the new hoops these mortgage companies and banks are putting up. Last time buyers usually have great credit, rental property, savings and cash from another house they are trying to get rid of. They have probably been in that other house 15 to 20 years. They bought while it was cheap, fought through those awful interest rates, and now willing to sell for a couple of hundred thousand in profit instead of the "max-max" younger sellers are looking for.
Buying the two story with the extra bedroom downstairs?? Well it's all about location, location, location ... location of the bathroom that is. That "powder room" down stairs next to the guest room/den is not going to get it. If there is to be a room for a parent on the first floor, there better be a "full bath" very close to that bed room.
Janet writes: Without getting into the economics of building the 'more costly per sq.ft. rancher', we are in a precarious situation now. With my mother almost 89 and mentally alert but non ambulatory, not only is one floor essential but the proximity of the bath facilities relative to the living areas are critical! We have a 'cape cod' style house with bedroom facilities on each floor, but the closest bathroom is 'miles' away from the living area.
Maria writes: It just so happens that I have my parents living with me. I would have loved a ranch, and in future I would still like one, but this time it actually works out for us to have 2 levels. My parents who are in their 80's have a master bed/bath on the first floor, and the rest of the bedrooms are on the 2nd floor. It gives me a sense of privacy. You can get along fine with your elderly parents, but at times it can be somewhat stressful. (Although, having them live with me is the best thing I've ever done.)
Lesson learned, keep the bath nearby. In closing there is only one exception to the one story ranch purchase or the two story with a master bed and bath on the main floor and that's my perennial favorite; ... the two story home with the mother in-law house behind or attached. And that my friends is the best of all possible worlds.
Inspired by Janet Guilbault, California Mortgage Expert thanks.