Why make your condominium appealing to potential baby boomer residents? Besides the fact that boomers make up a large portion of the population facing that pending shift to retirement and downsizing, retirees that move into a condominium, if they are happy, are likely to stay there as long as possible.

Unlike first time home buyers, who use condominiums as a stepping stone, soon-to-be or present retirees are taking a huge step from the familiarity and autonomy that comes with, for example, owning a house, into communal living, less control over the environment around their living space, and as we all know, many more rules that govern a resident’s life.

Your condominium community must consider the needs of this segment of potential owners now, and have an active agenda to anticipate, evaluate and plan for an increase in this population. Otherwise you risk missing out on this significant group of individuals who would be valuable community members invested in the quality and health of your community for the long-term.

What makes a condominium appealing to a potential baby boomer purchaser? Or more importantly, what can you do to make your condominium appealing to a potential baby boomer purchaser. Ask yourself what your condominium offers to potential purchasers, who are likely from the local community (over two-thirds stay within close proximity to their current neighbourhood) to have family and friends living nearby who will visit often. Some will have grandchildren with whom they will want to use the recreational facilities, they will remain physically active, embrace the internet as a method of communication, will expect high quality services for their condominium common expenses such as security, cleaning and management, visibly appealing and accessible outdoor and indoor physical spaces, financial stability and transparency, and a sense of community.

Residents’ Manual

Communicating your condominium’s appeal to potential purchasers can be as easy as creating a welcome package and manual and perhaps a website. A professional and comprehensive welcome package or manual and website suggest an organized and cohesive community with procedures and plans in place for the present and future. Outline procedures for visitors’ parking, pets, use of recreational facilities, rules of order for meetings and emergencies. Transparency about the condominium rules is essential to providing a potential first-time condo resident with fundamental information about the restrictions on lifestyle, so that they can make more informed decisions as to whether your condominium is the right choice for them. Consistency in enforcement of the rules is the other important factor in communicating fairness and ensuring quality governance.

Curb Appeal

Pride of ownership extends beyond the walls of the condominium unit. Purchasers who are considering your building may be moving from a house, maintained to their standards. They will expect no less from the quality, cleanliness and functionality of the grounds and common elements of the condominium building. Enforcement of pet, garbage and balcony/patio rules and sufficient maintenance and cleaning services, and adequate funding for repair and replacement of common elements are key issues.

Accessibility

Whether or not the potential purchaser makes it an active item on their list of wants, the fact is that there will be mass appeal in accessibility of the physical spaces.  If a potential purchaser is downsizing to a condominium, they are moving from a home that they have tailored to their physical needs and tastes, to one that is largely unchangeable at their whim.

Exclusive use common elements are not alterable by an owner unless approved by the board and a section 98 agreement is entered into. Alterations to units may be permitted depending on the condominium corporation’s governing documents. Typically at a minimum, prior board approval is required. This is likely a point of frustration for someone who has moved from a house that they owned and could alter as they chose. Have clear and consistent procedures for owners’ submission of a request, and for the board to follow when considering the request; this will assist in ensuring that that board is seen to be acting reasonably.

If a requested alteration is for physical accommodation in a unit or on the exclusive use common elements relating to a disability, such as the installation of accessibility devices, permission will likely have to be granted, and should be granted, on terms that are reasonable. As the population increases in age towards senior status and beyond, so too will the prevalence of disabilities relating to mobility, agility, hearing, vision and pain. In the over-65 age group, the prevalence of disabilities is more than three times greater than in the 15-64 age group. This means that the condominiums in existence today will have to adopt plans for making their physical spaces user-friendly for all residents. Consider creating a contingency fund earmarked for improving accessibility features on the common elements.

The opportunity to address the needs and wants of baby boomers entering into the condominium community is right now. Planning today for the needs and demands of an aging yet active population of residents will permit your condominium to evolve so that members and potential members of the community will want to, and be able to, remain as such for as long as possible.

Kristen Bailey, B.A. Hons., B. Arch.Sc., LL.B is an associate lawyer with Fine & Deo and practices in all areas of condominium law and litigation, as well as employment law. Contact Kristen at 905-760-1800 ext 248 or via email kbailey@finedeo.com.