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How Do Aging In Place Remodels Affect Your Home’s Value? – Bankrate.com

Aging-in-place is becoming increasingly popular among a graying population — and that means seniors and middle-aged people are having to alter their homes significantly, to make life in them easier and safer. In the short run, com…….

Aging-in-place is becoming increasingly popular among a graying population — and that means seniors and middle-aged people are having to alter their homes significantly, to make life in them easier and safer. In the short run, completing these home modifications is often cheaper than moving to assisted living or a nursing facility — but how do they affect a home’s resale value in the long run? Is the impact on purchase price positive, negative or a net wash? Read on for insights to help you decide whether these conversions make financial sense, either for you or for those who will inherit this major asset.

What are aging-in-place remodels?

Aging-in-place remodeling involves physically changing your residence, removing potential hazards and making features more accessible, so you can continue living in it independently. These “home modifications,” the official term for changes to assist the elderly and disabled, can range from something as small as a hands-free faucet to as large as a ground-floor suite.

Installation for these features can add up, according to Dennis D. Gehman, president of Gehman Design Remodeling in Harleysville, Penn., and a Certified Aging-in-Place Specialist — though of course they’ll vary, depending on individual models and brands, and local labor costs.

Installing a stair lift $6,000-$12,000
Converting a first floor living space into a bedroom/bathroom $100,000+
Converting a tub to a shower $1,800-$2,500 or more
Installing grab bars in one bathroom $600-$750
Widening a doorway About $2,000-$2,500 per door
Replacing cabinets with pull-out drawers $1,000 or more each
Replacing door hinges with off-set hinges $20-$250 per door
Installing an exterior ramp $1,500-$1,800 (temporary) to $22,000+ (permanent)
Converting to rocker light switches throughout home $1,500-$2,000
Converting to a touch-free faucet $1,000-$1,500
Installing an elevator $80,000 minimum

How do home modifications affect home value?

Spending money that allows one to remain in a familiar, beloved home is important — for the present. But how do these investments affect its worth and value in the future — especially given that most home renovations don’t recoup their cost at resale?

“Aging-in-place modifications done right are a definite value-add,” says Kurt Clason, CGR, CAPS, President at Clason Remodeling …….

Source: https://www.bankrate.com/real-estate/aging-in-place-modifications-home-value/

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