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The Cost of Aging in Place: Home Modifications or Buying a New Home?

Senior calculating costs on his tablet

While most people would prefer aging in place in their current home, the U.S. Department of Health and Human Services estimates that nearly 70% of people turning 65 today will require some type of long-term care.  

So, while you may think aging in place is the best choice, by the time you realize you need daily support, your options may be limited. That’s why many older adults are starting to consider the benefits of choosing the active lifestyle available at senior living communities with access to higher levels of care. To give you a better idea of what it takes to age at home, here’s a breakdown of things to consider. 

The Importance of Staying Safe at Home

Falls are the number one cause of serious injury among older adults, so limiting your chances of falling by reducing trip hazards and adding safety features should be a top priority. Also, people’s mobility typically begins declining as they reach their late 70s, and many homes lack accessibility features. To make your home easier to get around, here are some changes to make: 

  • Grab bars: Install grab bars or railings in high-risk areas like bathrooms and bedrooms for additional support and to prevent slip and fall injuries.  
  • Bathroom changes: Bathrooms are filled with hard surfaces, and even lifting your foot a little bit could cause you to lose your balance. To further reduce your chances of falling, consider installing a walk-in shower. 
  • Kitchen changes: Configure sink, stove and counters to allow for them to be used while seated. 
  • Outdoor ramp: Adding a ramp isn’t just for wheelchair access. Ramps eliminate the need to navigate steps, which can make maintaining balance difficult, even with a banister.  
  • Add smart home technology: Items like medical alert, home security and remote monitoring or communication systems are very helpful. Consider adding lights, entertainment systems and blinds that can be controlled with your smart phone or a remote.  
  • Replace faucets: Touchless faucets on kitchen and bathroom sinks are great for people with arthritis or grip issues. You can also replace twist faucet handles with levers. 
  • Update flooring: Carpet should be securely attached and no more than a half an inch thick. Remove rugs as they are a major tripping hazard. In the bathroom, use non-slip tile.  
  • Improve lighting: You’ll want to make sure your hallways and bathrooms are well lit. Install bright night-lights and use table or floor lamps for sitting areas. Put adhesive tape-lights under cabinets to provide extra countertop light.  
  • Replace doorknobs: Installing lever-style handles will make them easier to open than round doorknobs. If you have round kitchen cabinet doorknobs, you may want to switch them out with bar- or lever-style handles. 

How Much Does It Cost to Modify Your Home?

For an idea of what aging in place costs, here are example prices of home modifications: 

  • Install ramp at entrance: This can cost anywhere from $875 to $1,750. 
  • Install entry hand rails: This can cost anywhere from $700 to $1,200. 
  • Widen entry door: This can cost anywhere from $200 to $7,000. 
  • Widen hallways without structural changes: This can cost anywhere from $800 to $1,400 per doorway. 
  • Widen hallways with structural changes: This can cost anywhere from $30,000 to $40,000. 
  • Install lever taps on faucets: This can cost anywhere from $150 to $330. 
  • Remodel bathroom: This can cost anywhere from $6,600 to $28,000. 
  • Walk-in shower: A basic walk-in show can cost between $3,000 and $15,000. More elaborate showers with features like built-in seats, benches or multiple shower heads can cost upwards of $20,000. 
  • Kitchen countertop height adjustment: This can cost anywhere from $15,000 to $20,000. 
  • Adding night-lights and better lighting: This can cost anywhere from $100 to $500. 
  • Adding non-slip flooring: This can cost anywhere from $1,000 to $3,000. 
  • Medical alert systems: This can cost anywhere from $50 to $200 per month. 
  • Smart home devices: This can cost anywhere from $100 to $500. 

These modification costs don’t account for home maintenance and upkeep. Housekeeping, laundry, cooking, cleaning, lawn care and other general repairs should also be factored into your plans. 

Remember to Compare Monthly Costs

Before you decide to stay in your home, it’s important to compare your current expenses to senior living, because it may be more affordable than you think. Be sure to consider all your monthly expenses: 

  • Rent or mortgage 
  • Property taxes and insurance 
  • Homeowner association fees 
  • Cable, internet and utilities 
  • House cleaning services 
  • Home maintenance and repairs 
  • Transportation (upkeep, insurance, etc.) 

NOTE: As a homeowner, you’ll also have to plan for unexpected costs, like replacing broken appliances, repairing the sewer line or patching up a damaged roof. At a Life Plan Community like Freedom Village of Bradenton, our community and lifestyle are purposely designed to support you as you age, and monthly costs are more predictable and manageable. So, you won’t have unexpected expenses, plus you’ll have access to higher levels of on-site care including assisted living, memory care, skilled nursing and rehabilitation.  

More Freedom Is Built into Everything We Do

Ready for maintenance-free living in a home that’s designed to maximize your independence and help you age-in-place? Move to Freedom Village of Bradenton! Contact us for more information by using our Community Assistant chat feature or contacting us here. You can also call us today to schedule a personalized visit.