Research on What Boomers Want When Home Buying
The Farnsworth Group recently completed a study on behalf of Hanley Wood and Taylor Morrison. Below is a release of some of the findings.
Hanley Wood and home builder Taylor Morrison have just unveiled new research on what buyers in the 55+ age group want when purchasing a new home. Research revealed includes findings gleaned from a focus group with buyers in this age group as well as a separate survey of recent home buyers age 55 and older gauging values, preferences, and attitudes. Results of both studies are driving the design and development of the NEXTAdventure Home, a model home to debut at the International Builders Show in Orlando in January 2017. Demonstrating current lifestyle and living preferences among the important 55+ buyer demographic, the home is the joint collaboration and vision of Hanley Wood and Taylor Morrison.
The top-line report conducted by Grey Matter Research and Consulting reveals that first impressions are important when entering a new community, as is feeling welcome in the community. Amenities such as clubhouses, pools, and walking trails featured prominently in the decision to purchase in a community. Location was key, as residents want their new homes to be near shopping, dining, medical services, and entertainment.
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Space was an essential factor with the focus group, as well as more openness and flow in the home. Other important factors include large common spaces with open floor plans, high ceilings, and natural light. Integrated indoor and outdoor space was also paramount, as was sheltered areas, native plants, sustainable and energy efficient technology and materials, and sufficient storage space.
“Information gleaned from the focus group helps set the stage on what the 55+ homebuyer desires in a new home and how the industry should be building its homes,” said John McManus, Editorial Director of Hanley Wood’s Residential Group. “These influential buyers want a fresh start in a vital, connected, accessible new-home environment. And, as millions of baby boomers across the country begin the next phase of their lives, buying the right home is top of mind for them. The insight we gathered helped us develop a theme to define the NEXTadventure – for the 55-plus home buyer and for the industry.”
In the Home Buyer Study conducted by The Farnsworth Group, participants revealed specific data on their reasoning behind purchasing a new home. The top three factors that influence the purchase of a new home included area/location (50.2%), price/affordability (37.4%), and the layout of the home (19%).
When building or shopping for a new home, quality of construction (9%), a safer neighborhood (8.4%), better floor plans (8.2%), and architecture/overall design (8.1%) led the way. The top three most important rooms or areas in a home included the kitchen (82.8%), master bedroom (59.2%), and a great room (36%). Technology is also important to buyers in the 55+ age group, rating the preferred technology as wireless security systems (7.1%), lighting that senses and adapts to you (6.3%), and integrated home technology, including “smart” thermostats and lighting controlled by a smart phone (6.2%).
“Having the focus group information and the research on what these important home buyers want in a home was insightful and helpful to us,” said Graham Hughes, Chief Customer Officer, Taylor Morrison. “As we construct the NEXTadventure Home, the feedback from residents will help guide us to build the perfect home that embraces their needs, desires and provides the perfect backdrop for their NEXTadventure. The research has been crucial in how we build the NEXTadventure home, along with the future of how the industry provides for this demographic.
Based on these findings, Hanley Wood and Taylor Morrison present the NEXTadventure Home that offers bold new insight from the industry’s leading architects, designers, thought leaders, and manufacturers. Breaking ground this summer at Taylor Morrison’s new Esplanade at Highland Ranch community in Clermont, Fla., the NEXTadventure Home will debut at the International Builders Show on January 10-12, 2017 in Orlando. At 2,268 square feet, the home is a palette for customization, including outdoor living features with a pool, fireplace and summer kitchen, a big kitchen island, a super shower, a beverage center, a secondary bedroom more aptly called “a snore room,” and walk-in pantry.
Source: Builder Online. Aug. 4, 2016. Written: Builder staff.