Increase The Value of Your Home By Making It Aging-In-Place Compliant
Something most homeowners keep in mind as they plan a home renovation is adding resale value to their home. There are several ways that making it aging-in-place ready makes good investment sense. First and foremost are recognizing and accounting for your own needs, requirements and comforts that make your space well suited and livable for you. This may involve some upgrades you are not aware of that make perfect sense for you. But it also makes sense to do these upgrades for many other situations and circumstances that will become apparent as time goes on.
By making your home aging-in-place accessible, it is also ready for anyone, at any age, who is elderly, handicapped and needs ease of movement in navigating home or condo living. In a recent AARP study, 92% of people ages 50 and over would like to live in their current home for as long as possible to defray the very high cost of retirement home living. Could one of these people be downsizing to your type of home? Could they be your next buyer?
With making appealing aging~in~place upgrades or features, you will be expanding the sphere of potential buyers. Especially if your home has some inherent features, such as one level living, that can easily become attractive for a much larger segment of the housing market. Less than 4% of the housing stock in the USA has single floor living without any stairs and with halls and doorways that are wide enough for a wheelchair. These upgrades could make your property uniquely suited for the fastest growing sector of the housing market. There are over a 100 million baby boomers and their parents who will need aging-in-place modifications to their homes in the coming years. As the baby boomer generation grows older, homes that have aging-in-place-friendly features will be increasingly sought after and will only increase in value. Could you be increasing the value of your home by anticipating the changes in what people need and value?
We all have older relatives and loved ones we may need to care for at times or indefinitely. By having a home that is aging-in-place ready, hosting aging parents or other visitors can come with a feeling of providing safety, easy living and be welcoming, instead of the anxiety and stress that something may go wrong during a visit. Knowing your parents or guests will be safe while they are with you or alone in your home can be invaluable, beyond dollars and cents.