Home sweet home. There’s really no place like it—and 75% of people over 50 agree. Aging in place is a common goal for retirees, and it’s not too difficult to see why: comfort, familiarity, memories, community.
But the reality of aging in place is often more comprehensive than locking the door and throwing away the key.
Many people didn’t buy their homes with aging in mind. They bought it for proximity to family, a good school district, active community, among other things.
In retirement, you should consider your new needs in a home.
So if you’re set on staying put, here are a few upgrades to consider to help make the transition smoother.
Make All Interior and Exterior Entrances ADA-Accessible
There may be a time when you need to use a wheelchair or a walker that your narrow Victorian or classic Colonial wouldn’t be able to accommodate.
Consider adding a ramp to an entrance or exit to make for greater accessibility coming and going from your residence. Home Advisor found that the average cost for a professional ramp is about $2,000. If you have stairs to your front or back porch, you could also look at adding a rail.
It might also be wise to widen some doorways and hallways to accommodate medical equipment like a wheelchair. To do this, doors should be 32 inches wide with a 36-inch clearance. Widening a hallway usually calls for massive interior work, which could cost you tens of thousands of dollars. Thankfully, new builds may have hallways built to accommodate wheelchairs.
You could also look into swapping out the doorknobs for door pulls, making for a smoother entrance into each room.
Does your house have stairs? Ensure that you don’t need to access the upstairs for daily living like your main bedroom, bathroom, laundry room, etc. Limiting activity up and down the stairs will be vital as you age. You could always look into a stairlift, but those can be quite costly, about $3,000-$4000.
Add Railings and Grab Bars To Prevent Fall Hazards
According to the CDC, falls are the leading cause of injury-related deaths for those 65 and older. No house will be completely fall-proof, but it remains critical to safeguarding your home from this hazard.
Consider concentrating your energy in wet spaces like the bathroom. Bathrooms can be narrow, dark, and damp: a breeding ground for falls. You could really hurt yourself, making it essential to focus attention on these rooms.
Start by installing rails and grab bars near the water closet and the shower to offer more stability. Fixer estimates the average homeowner pays about $250 for a typical L-shaped bar rail.
You could also look to install a zero-entry shower. For example, these don’t have a big lip like stepping in and out of an antique clawfoot tub.
An ADA-compliant bathroom remodel can cost anywhere from $1,000-$19,000 depending on all of the elements you want to include. It’s a big-ticket item, but one that may be worth exploring.
Remodel With Accessibility In Mind
While some people have different thoughts about open concepts, “no walls” living could be a great accessible feature.
Without walls, you aren’t crammed and have more space to maneuver the house freely. If the entry into the kitchen is small, for example, connecting it with your other rooms could make it easier to navigate.
Let’s take a look at other intentional remodeling ideas.
- Create kitchen islands with proper clearance on all sides.
- Ensure some countertops are low enough to be a work/prep space.
- Lower kitchen and/or bathroom sinks
- Install light switches, fans, thermostats, and other power outlets low enough on the wall for better accessibility.
Increase Home and Health Security
Now could be a good time to consider investing in an alarm system for added home protection. You could also add outdoor sensor lights, entrance sensors, glass break sensors, outdoor cameras, and more, depending on the level of security you want or need. The upfront cost for a new security system tends to be a couple of hundred dollars, and the monthly fee will run about $30 on average.
We believe it’s also prudent to have a plan for your health safety should something happen in your home. If you live alone, a service like Life Alert could be something to consider.
You can also look at hiring a home caregiver to come in weekly to help you with household tasks like laundry, cooking, and cleaning that can be hard on your body as you age.
Tips To Help Pay For It
Depending on the type of home you have, you may want to consider a light or an extensive remodel.
How will you pay for it? There are several options.
First, you can explore a home equity line of credit (HELOC). Tapping the equity you’ve built in your home may be an avenue for funding major renovations.
Think about HELOCs like a credit card. The bank provides access to your home’s equity that you can use when you need it. At the time of this writing, many come with favorable terms like minimal closing costs and reasonable interest rates.
You could also withdraw assets from a retirement portfolio to cover the costs. Keep in mind that you will be subject to income taxes on the distribution unless you are taking a qualified distribution from a Roth account. Depending on the final estimate, it might be too much to withdraw from your portfolio at one time safely.
Cash is another viable option. If your home requires minimal work, this could be an excellent way to keep your cash working for you.
Before you sign on the dotted line, be sure to obtain quotes from several contractors. You could be surprised by the difference in cost.
Age In Place With Safety In Mind
If aging in place is your goal, we believe it’s essential to first approach it from a safety lens. Several home improvements can bring function and safety to your forever home.
You should consider using your money to further your goals, and our team would love to help you create a plan to do just that. If you would like to talk about adding a home remodel into your retirement plan, schedule a 15-minute call with our team today.
Advisory services are offered through Legacy Wealth Advisors, LLC dba Legacy Wealth Advisors, an Investment Advisor in the State of Michigan. The information contained herein should in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the State of Michigan or where otherwise legally permitted.
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