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 …….