You want to stay in your own home. So does just about everyone else. 90 percent of seniors prefer to age in place rather than move into a care facility. That is a pretty clear vote for staying put.
The good news is that staying home is usually less expensive than long-term care. According to Retirement Living, most home renovation projects come in under $10,000, far less than facility costs. The challenge is that projects tend to add up. One renovation is manageable. Four or five can put a serious dent in your nest egg if you have not planned ahead.
So what does it actually cost to make your home work for you long-term? Here is a realistic look at the numbers, courtesy of Angi.com and other sources.
What Common Modifications Cost
- Widening a doorway — about $1,200 on average, though your specific home and materials will affect the final price.
- Basic bathroom safety upgrades — an average of $2,856, according to Angi. Full remodels will cost more depending on the condition of your bathroom and what you need.
- A wheelchair or mobility ramp — an average of $2,429 for a permanent structure. Temporary ramps can run considerably less.
- Lever-style door handles — under $100 per handle to replace a round knob. If you need to hire someone to install them, add labor costs.
- Non-slip flooring — between $4 and $15 per square foot for materials, according to Modernize.com. Installation is extra and will vary by room size.
- A stairlift — a straight stairlift runs $3,000 to $5,000 installed. If your stairs are curved, expect $10,000 to $20,000. For a two-story home, this is often the single largest modification expense.
Ways to Offset the Cost
Before you write a check for any of this, check what you may already have working in your favor.
Medicare Part B can cover an occupational therapist to visit your home and assess it for safety. That is a free set of expert eyes on your space. If you have Medicare Part C, your plan may actually cover some of the renovations themselves. It is worth a phone call to find out.
The USDA’s Section 504 Home Repair program offers grants of up to $10,000 for low-income seniors making safety modifications. Many states also offer property tax exemptions or credits for accessibility work. And the federal tax code allows a medical expense deduction for home modifications related to disability.
The Smartest Thing You Can Do Right Now
Plan before you need to. Making modifications before they become urgent almost always costs less than scrambling when a health change forces your hand. Contractors charge more when you are in a hurry, and rushed decisions rarely land well.
When you do budget, budget high. If your project comes in under, that extra money goes right back into savings. If it runs over, you are covered.
Staying in your home is a goal worth planning for. A little preparation now can make the difference between staying comfortably and finding yourself financially stretched later.