Why investing in an adaptable home protects you financially

Saving for a rainy day is hard when you can barely make ends meet. But those rainy days roll in whether you’re ready or not, so how can the roof over your head provide financial protection? Designers, builders, housing advocates and experts in real estate are singing the praises of adaptable homes. These increasingly popular homes are better value, higher quality and save thousands (if not hundreds of thousands) of dollars in moving, renovating and value retention over the course of a lifetime.

 
 
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If that all sounds too good to be true, keep reading to learn how and why an adaptable home is one of the savviest financial investments you can make.

Start with less debt

There’s a ‘housing stock mismatch’ in Australia, meaning that the homes people want aren’t the homes that are available. Here in Tasmania, the mismatch is more like a gulf.

A 2019 paper from the Department of Tasmanian State Growth described Tassie’s housing market as ‘very traditional’, dominated by detached homes on greenfield sites that suit some households, but certainly not all. For lower income families, empty nesters, first home buyers, retirees, CBD dwellers, or anyone who’s just not that into mowing the lawn, options are limited. (Have you tried finding a one or two bedder in Devonport lately?)

This isn’t an inconvenience; it’s contributing to a culture of debt and exclusion. When the right homes aren’t on offer, older people continue to live in larger premises that may be unsafe, costly or abruptly swapped out for a nursing home if things change. Younger people have to call on parental generosity or upper-limit loan repayments to get a foot in the property market, tethering themselves to years of hard work with little spare time to enjoy the house they’re paying for. For others, the housing stock mismatch can’t be bridged.

Closed doors

Did you know that women over 55 are the fastest growing demographic of people experiencing homelessness? These aren’t figures, but faces. People like your mum, aunty, neighbour or music teacher.

The loss of a life partner or unexpected illness may lead to financial distress and a rapid unravelling that could happen to anyone. Hiring managers don’t choose the oldest candidate. Agents won’t accept a rental application without payslips. And a loan on one of the few available properties in the area? Not likely.

Doors are closing on everyday people because they don’t ‘fit’ the housing market, but it’s about time the housing market fit them.

Open plans

The community are clamouring for housing diversity and so are state governments, recognising that happy and prosperous communities start with the right homes.

They’re calling for urban infill projects that, like any healthy ecosystem, are diverse to the core, with bigger homes, smaller homes, backyards, courtyards, granny flats and every possible variation to meet the gamut of human needs and financial situations.
Diversity in ‘housing stock’ means that, should the worst happen, people have dignified options beyond a pricey three bedder, run-down shack or the street. Plus, when those people who are seeking a central, compact or accessible home have the ability to move into one, properties become available in other parts of town. This creates a fairer, more evenly spread local housing market with opportunities for everyone.

Our new neighbourhood, as you might already know, is all about adaptable homes [link to ‘meet the adaptable homes that change as you do’]. These thoughtfully designed homes can change as you do - not in any ‘magical’ or ad-hoc way, but thanks to very clever floor plans, pre-approved pathways to up or downsize, and a lot of architectural foresight.

An adaptable home means you can stay in place if things change (no upping stumps to a new suburb), steer clear of demolitions or years-long renovations (inconvenient and costly), and leave a lighter footprint on the planet (one less new build).
Importantly, it will protect your finances before you’ve spent a thing. Rather than telling you what you need, an adaptable home asks, sidestepping the housing stock mismatch to align with what works for you. Budget wise. Lifestyle wise. Future wise.

Freedom for first home buyers

Ask any young person about buying a house and they’ll probably laugh and say ‘yeah right’.

It’s understandable in light of what the Grattan Institute calls “a perfect storm of rising incomes and falling interest rates, rapid migration, tax and welfare settings feeding demand, and planning rules restricting supply” that has seen house prices more than double in the last 20 years.

Thanks to our new neighbourhood featuring approximately 200 new adaptable homes, first home buyers can feel a little more optimistic about their prospects. With choices like buying a one or two bedder that meets the budget, going bigger and subletting part of the house to another couple to help pay for the property, or renting while saving to buy either alone or in a sublet, suddenly there are entry points and stepping stones - none of which represent a scary financial burden or lifestyle compromise.

Have your say on how we build a $75 million investment in homes, jobs, and opportunity for Devonport

Live with fewer costs

Here are some figures that might surprise you from Liveable Housing Australia. One in five Australians live with a disability. 60% of houses will be occupied by a person with a disability at some point. Slips and falls happen in the family home 62% of the time.

Whether you’re an ageing baby boomer or a spring chicken, there’s a fair chance your needs will one day change - perhaps suddenly. The question is, can your house accommodate them? An adaptable home takes life’s changes in its stride, protecting your finances against surprises.

Designed for life

Property and construction experts Jasmine Palmer and Stephen Ward explain:

“In addition to being designed to be usable by most people, the adaptable house has provision for further modifications should they be required to meet the specific needs of a disabled occupant. This may include modifying kitchen joinery and altering the laundry and bathroom to improve access and usability, increasing lighting levels in response to vision impairment, or introducing support devices such as grab rails and/or additional security measures.”

Liveable Housing Design

Compared with retrofitting a traditional house, an adaptable home is 22 times more cost efficient. That’s because it’s designed to be user-friendly from the start, spacious enough to accommodate prams, wheelchairs or mobility aids and with clever universal features that reduce the need for ‘institutional looking’ fixtures. It costs far less to modify because you might not even have to!

Move less, spend less

An adaptable home can save you thousands in moving costs over the course of a lifetime by evolving alongside your needs and allowing you to remain in place. These savings aren’t lost on younger or more mobile people, but will accumulate every time a new baby comes along, kids leave the nest, a home office is required, or the in-laws move in, the investment required to meet these life events being minimal and cost-effective.

“Design for adaptability enables rapid response to changing life needs which can be swift and unexpected. It also increases the building’s serviceable life span before remodelling, with associated financial, energy and material savings.”

ResearchGate

Sell at a higher price

For excellent resale value, you can’t beat an adaptable home. That’s because each one is designed around universal human needs such as spaciousness, comfort and safety; features that buyers seek out (and rush to secure).

“They are attractive housing options for the greatest number of people and therefore provide a sound investment for resale and rental.”

yourhome.gov.au

Experts agree that good design can add up to 20% more value to your home. Flexible floor plans let potential buyers visualise their own furnishings and dream up personalised arrangements (without being put off by the thought of renovations).

Larger living areas, even if they’re fewer in number, tend to boost value too. Even the smallest adaptable homes are designed to maximise space and openness, with intuitive, breezy layouts that are prized by those looking to buy.

When you add quality materials and ‘curb appeal’, situated within a precinct of great looking homes, an adaptable home is a timeless investment. That is, if you ever want to sell.

What about the value of an adaptable home in Devonport?

Our new community will include over 200 adaptable homes in a prime location that is tightly-held. They’ll never be ‘white elephants’.
As explained by Your Investment Property Magazine, there has been a shift away from high-maintenance suburban blocks and towards adaptable, cosmopolitan dwellings that are close to work, services and entertainment.

Demographics are driving this change, with an older population who want more compact, community-connected homes and a younger generation seeking lifestyle-oriented places to live amongst the action.

This demand is set to grow as single and double-person households proliferate, and ageing in place, with the help of on-site support services and safer homes, becomes the norm.

What this means for an adaptable home in Devonport should be obvious - especially when it’s smack-bang in the middle of a thriving precinct with state-of-the-art services, groups and activities, expansive parklands and a tight-knit community. It’s a lifestyle most people crave, but few currently have access to.

Whether you’re looking to buy and live in an adaptable home or rent to happy tenants, every aspect of your intelligent home will foster financial security. You’ll start with less debt, live with fewer expenses, and know that your well-designed and brilliantly-located abode will always be in demand. Shelter for you, your family, and your finances.

Would you like to share your thoughts on homes? Join our comprehensive consultation program that ensures you can have your say on how we build 200 homes, jobs and opportunity for Devonport. We invite you to register today.

Have your say on how we build a $75 million investment in homes, jobs, and opportunity for Devonport

 
HomesLisa White