As an investor or residential developer, consider creating options for our ageing population

Investment in residential properties can bring you a good return and serve a fabulous purpose.  It’s quick and easy to keep creating the same products and while this product sells, it is also easy to believe that it serves a real purpose and offers a great contribution to the industry and community.  However, if you challenge yourself to talk to people who are in need of something “not standard” then you will see that there is no real contribution in providing “same old same old”, and there is a real need for new and innovative products that serve the end user.

Australia has a significant and increasing ageing population and I feel there has been a lack of creativity for this demographic.

Not everyone wants to go into an “over 50’s” living or “retirement living” style of housing.

This may be because of the cost, the stigma that goes with that change of lifestyle, or perhaps others feel there is no need.

So, what are the options when downsizing is under consideration?

Once that thought has started, not doing it isn’t an option, however the choices are not always apparent.

The choice will definitely depend on the health and physical ability of the person or people involved, and the willingness of people around them, and their wants and desires.

As an investor or residential developer, depending on your ability, desire and location, there are options that you can assist with;

1. When I look at large and small regional areas I see a lot of the ageing population living out of town who don’t always have family around, and what ends up is isolation and ill health. With a few small changes there can be a better way. If the house size permits, consider house share, or room rental. This can mean that the ageing person or couple no longer have to leave, they have small modifications made to the house by way of a small renovation, and have others living in a portion of their home. This provides some security that someone is there, it can also provide companionship which is a massive benefit to overall health. The match of people would need to be carefully considered and work for all, however the options are endless. With some farm living and healthy, active, ageing people, “farm stay” and “off grid” stays are still popular. Again, this instils purpose and generates income. Generally, a renovation is required and at times construction of smaller out buildings can be a bonus. Simply repurposing residential situations can create a substantial ripple effect and benefits for a bigger picture.
2. Unit developments can definitely be considered very differently. Why not create central gardens and shared areas that accommodate activities.  I’m not talking about tennis courts and football ovals, simple outdoor areas to sit and read together, play cards, have a communal BBQ and scrap book. Now bring in the gardener that involves the owners / tenants in the enjoyment of being in the garden and growing fruit and vegetables that they all share. Bring in the local health workers to do a weekly exercise class, or tea ceremony, whatever is available, it really isn’t hard to add these simple extra thoughts.  Yes the land costs do need to be considered when adding vegetable gardens and all edible trees, however this is where the real contribution comes into play and the rewards will be ten fold.

Our city areas still have an ageing population as well, and whilst their living situations are very different to our regional areas, they are similar in many ways so interactive living and shared areas are just as important.

If you are looking at apartment blocks, ensure the balconies are adequate for social sittings and a rooftop vegetable garden would be perfect, while arranging the gardener to assist in bringing the residents together.

Memberships with pools and theatres are worth looking into and can be bought to a part of the body corporate.

Bike rides for the young at heart are a great way to enjoy a day out and maintain health and wellbeing, so accommodate for bike racks, they can hang, they don’t have to be in-ground racks, just consider the height.

Suburbs are no different to large regional areas as far as share accommodation and room rental is concerned. There is plenty of opportunity to redesign the internal layout and create a situation that works for the owner, and others in need of change, and for those who love to provide company to others.

So, in all future builds give consideration to social interaction and shared areas, consider the benefits for others in what you are creating and ask more questions about what makes them feel good, what they miss in their life.

Always check with the local council or your town planner in regards to any shared accommodation concept and ensure you are meeting regulations.

Until next time, enjoy re-designing space

Melissa

Contact me if you have a question; melissa@acuitydg.com.au