Boomers Don’t Renovate, and It’s Becoming a Problem
There’s nothing sadder than going to see a property left behind by an older person. Most of the time, these properties are filled with last-century chic. They’re completely unrenovated and filled with the touches that spoke to the owner’s tastes and life story.
While character is a wonderful thing when it comes to property, most boomers just don’t renovate, even when they should. More often than not, those charming touches of personality come with structural issues, some of which have been left to deteriorate for 40 years or more.
Imagine a property where termites have been allowed to run rampant or concrete cancer has been left untreated. Picture unaddressed roof damage, leading to extensive damage, and cracked brickwork that poses a real safety risk.
I’ve been inspecting properties for thirty years. Lately, we’ve seen many more of these dilapidated yet recently occupied homes. They’re unsuitable for rentals and unaffordable for buyers. So, what’s next?
The Problem in a Housing Shortage
Here in Perth, property has never been in such hot demand! In fact, research shows that only one home is built for every eight new people in Perth, leaving many with no place to go. Right now, there simply aren’t enough houses for sale or rent.
As the housing shortage continues to drive Perth property prices up, the market is in desperate need of attractive, renovated properties that make buyers want to snap them up before they’re gone.
However, boomers are still the largest cohort of homeowners in 72 of Perth’s 163 metropolitan suburbs. If boomers aren’t renovating, the real estate market is forced to deal with an influx of outdated homes.
Even when houses do become available, there are plenty of other barriers to consider.
“We've been working in the property renovation industry for 90+ years and between the tradie shortage, the supply chain disruptions, the unpredictable weather and the number of neglected properties coming to market, we've never had so many difficulties running our business,” said Perth painter Stephen Cochrane.
Owners Staying for Longer
Increasingly, experts are concerned that older generations are staying at home for longer, and in doing so, they’re allowing their properties to fall victim to neglect.
Over time, small oversights begin to add up and can create expensive problems for future owners. When older owners are ready to move out, their homes may not be fit to live in without major repair work.
For children who inherit property from their parents, this renovation demand can be a heavy burden, even leading to financial stress. For busy buyers, an unrenovated home might not be worth the high price tag in a challenging market, considering the additional time and funds needed to turn a house into a home.
Earning a Reputation
How do you want people to view you, your home, and your generation? Well, your renovation choices could be the deciding factor.
“Our generation is either the spoiled capitalists with dozens of luxury properties that we bought for a bite and a button, or we're the hoarders who won't mow a lawn,” said Louise Storey from senior lifestyle blog Older and Wiser. “The younger generations really do paint us in the most unfavourable light.”
By simply keeping up with home repairs and maintenance, boomers can reframe the narrative, take pride in their properties, and support the financial freedom of whoever moves in next.
Is it time to renovate? Yes! Don’t let your home waste away. Show it the TLC it deserves!
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