What Should You Know About Aging in Place?

Financially, It’s Worth Tweaking

The average cost in the United States to live in an assisted living community is upwards of around thirty-six hundred dollars a month, that is roughly forty-two thousand dollars a year.  Age in place modifications for the average single-story home on the other hand are roughly between ten and fifteen thousand dollars.  That is one heck of a cost savings over the course of seven to ten years.  If simple age in place modifications can keep you at home even one year longer than you anticipated the amount you save is astronomical.

Don’t Over Complicate

Even the smallest updates can make a huge difference in how you co-exist with your home.  Start with something as little as replacing the hardware on doorknobs, cabinets, and more.  In bathrooms it is important to install sturdy grab bars, replace dual faucets with single-handled faucets, upgrade the toilet to a comfort height style, and increase the amount of lighting.  Kitchens are much like bathrooms with the addition of roll-out shelving and undercabinet lighting.

Renovate for Accessibility

Accessibility modifications are costlier than the previously mentioned simpler updates in hardware and lighting but can add more independent living years for you.   Consider installing a handicap ramp to entry ways with steps.  Depending on the length and incline needed a wheelchair ramp can be installed for under three thousand dollars.  Another common accessibility renovation that is recommended is the installation of a lip free shower.  If you choose custom-tiles, upgraded materials, fixtures, and fixings a custom, curb-free shower can run a family up to fifteen thousand dollars whereas simple, modular options run around three thousand dollars installed.

Think Bigger

Sometimes structural changes to the home are needed.  Some of these options can include widening doorways, creating a more open floor plan by eliminating walls, and event he addition of elevators in some cases.  If you are doing a major renovation to the home that is the time to think about the longevity of your life in the home.  It is less expense to do large structural changes while doing major renovations within your home.

Considering Using the Equity in Your Home

With the equity that has built up in your home over time there are multiple ways to pay for age in place modifications:

  • Cash-Out Refinance of Your Mortgage
  • A Home Equity Loan
  • Line of Credit
  • Reverse Mortgage

Glen Miller the Home Doctor is a licensed general contractor servicing Livingston County and the surrounding areas.  Glen offers a wide range of services including home maintenance plans, age in place remodeling, kitchen and bathroom remodeling, finished basements, and hardwood floor refinishing.  More information can be found online at https://www.glenmillerthehomedoctor.com/.