In-Law Suite/Apt Trend ??
Hi All,
I'm looking to brainstorm with the BP community on something I experienced this past year on the real estate brokerage side of my real estate obsession.
The situation:
I represented a client who was selling a home with an in-law suite/apt in a blue collar town 4 miles north of Boston, MA. Typical basement 1 bed in-law apt with separate entrance and private driveway. Upstairs was a move in ready cape with modern appliances. Showed really well.
This little listing had the most foot traffic in my career. All because of the in-law suite. 75% of the foot traffic was represented by younger baby boomers (50 - 55) who were willing to sell their home along with a parents to purchase this one. Majority passed because the apt was outdated and not up to the standards of their parents wants. i.e. High ceilings, full sized windows, good light.. basically they didn't want to feel like they lived in a basement.
My Question:
Is this a profitable flip Niche? Every person I talked too said their families couldn't afford nursing home prices should that day come and wanted to proactively look for places safe for Mom & Dad to carry out their senior years while not physically living in their own personal space. Should we just give them what they want? Build new homes or reconstruct our flips to fit their needs? i.e. Full Sized apts with private access and updated senior friendly amenities? Would buyers pay a premium for this option?
Could this be a new trend for home builders or flippers in blue collar communities where nursing home care may be out of reach? Would you explore this or pass? Why or Why not?
I feel like there is an opportunity here. Am I crazy? Thanks in advance! - Jim