Real Estate

22 Must-Have Aging In Place Home Modifications

August 4, 2023

If you’re leaning toward aging in place, then you’re part of the majority. Among older Americans (aged 50+), a 2018 AARP study found that 76% prefer to stay in their current home. While avoiding the cost of an assisted living facility and the hassle of downsizing and moving are benefits, aging in place does require investment and action.

The most critical step is to perform a safety assessment of your home and come up with a plan for what modifications are needed to improve its safety and comfort as physical needs and abilities change in later life.

The Importance of Home Modifications for Aging in Place

Modifications are critical for safety and savings. Falls are a top health hazard for seniors, and of the three million older Americans (ages 65+) annually treated for falls, 800,000 resulted in a hospital stay with an average cost of $33,000.

Improving home safety is the key to reducing in-home falls and fractures. A 2015 study showed that every $1 spent on aging in place home modifications results in a $1.50 return via reduced medical spending for seniors aged 75 and older.

Essential Home Modifications for Aging in Place

When it comes to home remodeling and modifications, working with a blank slate is key. Start by decluttering and removing walkway obstacles, and then go through your home room by room to gauge your needs.

Bathroom Modifications

Fall prevention changes are critical in the bathroom. Consider:

Curbless shower or walk-in bathtub with room for a shower chair
Nonslip flooring and tub/shower floor coating
Handheld shower
Anti-scaling temperature control
Grab bars in wet area and by toilet
Comfort height toilet
Automatic flush feature

Kitchen Modifications

The kitchen is another hotspot for home safety. Depending on accessibility needs, check out:

Raised, lowered, or adjustable countertops
Adjustable and pull-out cabinets
Shallow sink
Easy-to-use appliances with automatic shutoff
Non-slip flooring

Bedroom Modifications

Focus on comfort, reachability, and ease of moving from supine to standing in the bedroom. Look into:

Bedside safety rails
Lower or higher bed height to comfort
Accessible closets
Ceiling lift

General Home Modifications

Some changes will apply throughout the home. Consider:

Widened doorways and hallways
A zero-step ramped entrance
A stair lift or elevator
Improved lighting and visibility
Remove throw rugs or use carpet tape/fasteners
Replace standard door knobs and faucets with levers

The Financial Aspect of Aging in Place Modifications

So how much will all these changes cost, and how will you pay for them?

Estimating the Cost of Home Modifications

Like any home improvement project, there isn’t a simple price tag. Your home modification will depend on:

Location: state and city cost of living, and the distance or access to labor and materials
Home size, style, and age
Number of levels and staircase arrangements

Aging adults remodeling for the purpose of aging in place spend anywhere from $350 to $50,000 or more, but the average budget is $9,500, with top priority given to changes focused on bathroom safety.

Exploring Funding Options for Home Modifications

Changes like removing loose area rugs and switching to higher-wattage light bulbs won’t have a steep cost, but projects like stair lifts or a full bathroom remodel require a budget in the thousands.
The good news is that you have more options than your current bank account to help with the costs:

Government assistance programs
Nonprofit organizations and charities
Home improvement loans
Sale-leaseback

Check with your Agency on Aging to find out what resources exist in your state and county. There are 56 state and 622 area agencies under the federal Aging Network, and they’re a great place to start for resources and referrals for aging at home planning and other older adult needs.

How a Residential Sale-Leaseback Can Help

When it comes to aging at home and making your home equity work for you, there is a perfect option: sale-leaseback. A residential sale-leaseback is an arrangement that allows you to:

Continuing living in your home as long as you choose
Convert equity to cash to fund modifications, pay off a mortgage, or boost your nest egg
Off-load the responsibility of property repairs and covered maintenance
Stop paying property tax, homeowner’s insurance, and mortgage interest

There are many sale-leaseback benefits to explore. Under a sale-leaseback, you sell your home and lock in a monthly lease payment with the guaranteed ability to stay as a renter.

Sale-leasebacks can help fund long-term at-home care, or serve as a short-term arrangement that reduces the hassle of a traditional sale and ongoing maintenance while you transition to a new living arrangement.

Key Takeaways

Aging in place is a proactive approach to ensure you or a loved one can remain at home in later years without sacrificing environmental safety or quality of life. For this, a home safety evaluation and modification plan is an important step.

There are many changes that can reduce falls, add to comfort, and prolong one’s ability to remain in the family home. While some modifications cost in the thousands, there are many that are easy to complete on a low to moderate budget.

Consider a sale-leaseback as part of an age-in-place plan to fund modifications and eliminate the work and cost of homeownership.

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