Can You Afford to Age in Place?

If you’re a senior or you’re thinking about your future, you may be attracted to the idea of aging in place. After all, it can be comfortable to grow old in a familiar place where you’ve lived for years or decades. You may have warm memories of raising your children in your home. And you may have deep roots in your community and neighborhood. 

It’s important to keep in mind, though, that making changes to your home so you can stay there as you age can be expensive. This guide to aging-in-place remodeling can help you plan for the cost of home renovations.

Stairs and Steps

It can be tougher to go up and down stairs as you get older. You’ll want to make sure you have a full bathroom and a bedroom on the main living floor. 

You may also consider installing a stair lift to access the upper levels of your home. According to Retirement Living, the average cost to install a stair lift is $8,000.

Consider replacing unnecessary level changes like a sunken living room or dining room — even if you can manage these steps, they can be a tripping hazard, especially if you have low vision.

Ideally, you also want at least one entryway with no steps and thresholds that are as flush as possible. Ramps can make entering your home with a walker or wheelchair more manageable. The average cost to install an entry ramp is $1,100, depending on the materials used and local labor costs.

Wider Spaces

You may need to get around in a wheelchair or with a walker or cane at some point in the future. Even common procedures like a hip or knee replacement can mean you need mobility aids for a while. 

According to the National Association of Home Builders, you’ll want at least a five-foot-by-five-foot area to maneuver in each room, plus hallways and doorways that are at least 32 to 36 inches wide. The cost to widen hallways and doorways can range from $800 to $35,000, depending on whether or not the project requires structural changes.

Kitchen Modifications

Remodeling a kitchen can be a major expense. If you plan to update your kitchen, consider including:

• Countertops of various heights or adjustable countertops
• Removable base cabinets
• Lower-than-normal upper cabinets
• Open shelving for items you use a lot

Even if you’re not doing a major remodel, it can be helpful to install lazy Susans or pull-out drawers inside lower cabinets to make it easier to access the things you store there.

Bathrooms

Slippery floors and lots of hard surfaces make bathrooms dangerous places for falls. 

By installing grab bars alongside the tub, in the shower and next to the toilet, you could make mobility easier in the bathroom. You may need to brace the walls so they can support the weight of a person using a grab bar. 

You’ll also want a shower stall you can access without stepping over the edge of the tub, and toilets that are raised up higher than normal. These bathroom adjustments can cost between $6,600 and $28,000. 

Appliances

When you replace or upgrade appliances, make sure they have controls you’ll be able to easily read and access. You’ll want your washer, dryer and dishwasher raised about a foot off the floor. 

For specific appliances, keep these tips in mind for easy access: 

• A front-loading washing machine is better than a top-loading machine.
• A wall oven with a door that opens to the side is a better option than a floor oven that opens from top to bottom. 
• A side-by-side fridge/freezer is easier to access than a top/bottom style. 
• Consider putting the microwave on a countertop rather than elevating it.

Controls and Electricity

Make sure thermostats, light switches and any other controls are easy to see and reach. You may want to install more electrical receptacles so it’s easy to plug things in without cords being in the way.

Other Options

Does it seem like renovating your home so you can age in place is too expensive? 

If you’re younger and planning ahead, think about how you can gradually include these changes over time. For example, a first-floor home office or nursery could become a bedroom in the future. If zoning in your area allows it, you may want to create a separate apartment as part of your home so you can generate rental income to offset some costs. 

You can also look into nearby housing options that meet your needs and still let you stay connected with your community. For example, 55-plus developments are often designed for one-floor living and may include wider halls and doorways and grab bars. And, some senior living facilities offer different levels of care, so you can move in and live independently and add support over time as your needs change.

Talk to an Expert About Your Options

It can be hard to decide what’s best for your life and your budget when you’re considering aging in place. A Farm Bureau financial planner can review your expenses and goals and help you understand your options, so reach out today!