Growing Trend Shows Baby Boomers as Active Real Estate Consumers -- ASHI Home Inspections Help Safeguard Investment/Second Home Appreciation
As baby boomers continue to turn to the real estate market for retirement and investment purposes, a professional home inspection can help protect their investment.
(PRWEB) June 2, 2005 -- Recently released statistics from Harvard
University’s Joint Center for Housing Studies, the National Association of Home
Builders (NAHB) and the National Association of Realtors® (NAR), suggest that
baby boomers are increasingly active consumers in today’s real estate
market.
According to the Harvard study, baby boomers, or those consumers
over the age of 50, represent one of the fastest growing demographics in the
U.S. and are expected to make up 20 percent of the population by the year 2030.
Baby boomers already comprise the single largest group of homeowners — nearly
one-quarter of all homeowners — with 75 percent of those over the age of 50
owning their own home.
Seniors are also expanding their home ownership
beyond their primary residence. Research shows that boomers are looking to
second home ownership as a smart investment opportunity. Considering that
boomers are starting to think differently about real estate investments as part
of their retirement plans, the U.S. Census Bureau predicts second home purchases
for boomers to reach 6.4 million units by 2010, up from 5.5 million units
purchased in the 1990’s. According to NAR, investment homes accounted for a
quarter of all home purchases in 2004, and vacation home purchases an additional
13 percent.
“The increase in second home purchases by older Americans,
coupled with their significant representation in today’s home ownership
population, makes boomers prime candidates for obtaining professional home
inspections as both an educational resource and investment safeguard —
especially considering that these second homes are more than just investment
properties,” said Don Norman, 2005 president of the American Society of Home
Inspectors, an organization that represents nearly 6,000 professional home
inspectors. “Boomers are purchasing properties they can use year-round, which
makes pre-purchase inspections designed to enhance their changing lifestyles a
top priority.”
In fact, the NAHB predicts that boomers anticipate
spending about $5,800 annually on both first and second-home improvements and/or
remodeling projects. Obtaining a quality, objective home inspection prior to
such projects can help uncover safety concerns and other issues that should be
addressed before hiring a professional contractor. Statistics show that too
often the elderly are victims of home improvement scams when pressured by
contractors to perform unnecessary work. A proactive pre-remodeling ASHI home
inspection provides homeowners with an experienced analysis of the visible
condition of their property, allowing them to make smarter, more comfortable
choices pertaining to home improvement.
Furthermore, home inspections as
part of the pre-purchase process, and as a value-added component of remodeling
projects and routine maintenance, can help to preserve the property’s
appreciation value. “Addressing minor repair issues before they turn into major,
and more expensive, problems can only serve to benefit the homeowner in terms of
value when it comes time to sell or even leverage the equity of a home for
retirement or other purposes,” according to Norman.
Qualifying ASHI
To
support its commitment to setting the industry standard for consumer education,
customer service and technical expertise, ASHI Inspectors subscribe to the ASHI
Standards of Practice and Code of Ethics, both of which are nationally
recognized guidelines for the home inspection profession. They are required to
successfully complete two written examinations that test their knowledge of
building systems and components, and of the ASHI Standards of Practice and Code
of Ethics. Their reports are verified as meeting the ASHI Standards of Practice,
and they must perform a minimum of 50 fee paid inspections — becoming a full
Member after completing an additional 200 fee paid inspections. ASHI Inspectors
must also obtain ongoing education to stay current on the latest information
pertaining to buildings and their systems.
Consumers can visit www.ASHI.org to locate an ASHI
Inspector and to learn more about the home inspection process via the site’s
Virtual Home Inspection (VHI) tool. The feature offers an interactive home
inspection, based on the ASHI Standards of Practice. Additionally, a “Rate Your
ASHI Inspector” segment of the site also allows consumers to provide feedback on
their own ASHI home inspection experience.
For More
Information
Formed in 1976, the American Society of Home Inspectors (ASHI) is
the oldest and most respected non-profit professional organization of home
inspectors in North America. Its mission is to promote excellence and exemplary
practice within the profession. ASHI’s Standards of Practice and Code of Ethics
are the recognized guidelines for the home inspection profession.
For
more information on the American Society of Home Inspectors, contact the
association at 932 Lee Street, Suite 101, Des Plaines, Ill. 60016. Phone:
800-743-2744. Or visit the ASHI Web site at www.ashi.org.
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Source : http://www.prweb.com/releases/2005/6/prweb246470.htm