How to Thrive in Place: Smart Aging-in-Place Tips to Add Value to Your Home

Описание: Are you considering aging in place? Many homeowners are choosing to stay in their homes longer, and this presentation offers smart aging-in-place tips that can add value to your property.12

Kelly Steyn, a local realtor and Senior Real Estate Specialist (SRES) through the National Association of Realtors, shares tips on how you or a loved one can make updates to your home to ease the process of aging in place long-term. These updates can also help you when it's time to sell.

In this video, you will learn about:
The Trend of Aging in Place: About 1 in 6 people will be aged 60 or older by 2030, and every day 10,000 people turn 65. Many people choose to stay in their homes because it is convenient, allows them to feel independent, and they love their homes.56
Three Key Areas to Consider: conveniences, safety, and major modifications.
Daily Conveniences (Invisible Improvements): These are simple, beneficial updates that all buyers want
Safety Modifications: Key safety updates include installing non-transition flooring to make movement easier for walkers and wheelchairs, using no-slip tile in bathrooms, and installing grab bars.
Major Modifications and Estimated Costs: Some larger modifications and their estimated costs include:
Grab bars: $90 to $300
Wider door openings: $300 to $3,000
Ramps (outside or inside): $1,800 to $3,000
Walk-in tubs: $3,000 and up
Stair lifts: $4,000 to $8,000

Bigger Projects that Add Value: Learn about modifications like creating a barrier-free bathroom with a luxurious, zero-step shower (popular with all ages), or adding a first-floor primary suite by converting a garage or existing living space. Moving laundry from the basement to the first or second floor is another great value-add.

Financial Considerations: Retirees living on fixed incomes may face challenges meeting the additional costs of aging in place, and data suggests the majority of older Americans may not be financially able to do so as long as they might think. The video discusses ways to pay for modifications (cash, HELOC, reverse mortgage, cash-out refinance) and compares current expenses (mortgages, taxes, maintenance) with potential new expenses (in-home care, meal prep, increased medical costs).

Top Projects Homeowners Consider:
Installing grab bars around tubs and showers.
Installing shower seats (48% of people).
Increasing the height of their toilet.
Installing adjustable and handheld shower heads.
Installing base cabinets with rollout trays.
Planting low-maintenance shrubs and plants outside.
Adding handrails on either side of the stairways (12% of people).
Planning ahead is really key to a successful aging-in-place process and getting the best return on investment.

Disclaimer: Kelly Steyn is a residential realtor and senior specialist in the Philadelphia area, not a financial advisor or CPA. Always consult with a financial advisor and CPA when making budget decisions.