Home Renovations for Aging in Place
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For many homeowners later in life, living well means living comfortably at home. As people age, however, physical challenges may require changes to the house.
» MORE: Renovate with a HomeStyle loan
Whether you renovate for yourself or a loved one, remodeling a home for aging in place can be a smart move. Here are top renovation suggestions for older adults, along with average costs.
Widen doorways
If doorways are narrower than 30 inches, you may need to expand them to accommodate a wheelchair or other mobility device. A contractor would typically need to replace the existing frame and add insulation, drywall and paint. The job might also entail moving and rewiring light switches.
The cost to widen a doorway varies, especially if there’s electrical work required. You can expect to pay between $700 and $2,500 per doorway, according to the home project hiring platform HomeAdvisor.
Install lever-style doorknobs
Levers are usually easier to grip than round doorknobs, and they don’t require a twisting motion. That can be especially helpful for people who have arthritis or other conditions that limit motion.
According to Home Depot, having new doorknobs installed can cost between $75 and $400, depending on whether the project involves replacing existing hardware or installing knobs on a new door.
Put grab bars in bathrooms
These heavy bars can help prevent falls because of slippery tubs, shower stalls and floors. You can generally find grab bars at home improvement stores for $20 to $30 each. The cost to have them professionally installed runs between $100 and $500, according to HomeAdvisor.
Install a walk-in shower
Walk-in showers are a more accessible alternative to traditional showers with tubs. According to the home project hiring platform Angi, this project typically costs between $1,150 and $8,000, with an average cost of $6,700.
Replace flooring with slip-resistant material
Slip-resistant flooring can improve the safety of the home. Non-slip tile can be especially helpful in a wet space like the bathroom, while vinyl flooring offers a non-slip option that can weather years of wheelchair and walker use.
Non-slip flooring typically costs between $3 and $22 per square foot, according to HomeAdvisor.
If you don’t have a budget to replace a floor right away, make sure you at least replace or repair any damaged areas. Uneven tiles and other defects pose trip-and-fall hazards for people of all ages.
Add a wheelchair ramp
Even if no one in the home has an immediate need for a wheelchair, a ramp can eliminate the need to climb stairs to enter the home. The average price range to build a wheelchair ramp is between $1,048 and $3,388 with an average cost of $2,218, according to Angi.
Adjust kitchen countertops
Regular countertops stand about 36 inches off the floor; installing new countertops at a more accessible 28-30 inches can make it easier for someone using a wheelchair or scooter to prepare food. According to Angi, it typically costs between $1,873 and $4,437 to install new countertops, with an average cost of $3,141.
Install a stair lift or elevator
If a home has multiple levels, an elevator or lift that attaches to stairs can help older residents move between floors. The average cost of a motorized stair lift is between $2,000 and $25,000, with an average cost of $6,000, according to Angi. Homeowners can save by choosing a preowned option.
Angi lists an average cost of $4,229 for a home elevator, with an average range of $2,705 to $6,073.
The National Association of Home Builders has a Certified Aging-in-Place Specialist designation for contractors who help homeowners remodel to accommodate elderly loved ones. You can contact a CAPS professional to get advice on modifications, plan a renovation and find qualified contractors.
Paying for aging-in-place home renovations
You have several options for financing renovations as a homeowner. Your best choice will depend on numerous factors, including the cost of your project, how much equity you have in the home and your current mortgage rate.
For a relatively low-cost project, a credit card may be your ideal solution. See NerdWallet’s picks for the best credit cards for home improvements.
If you’re preparing for a more expensive project and have at least 20% equity in your home (meaning your remaining mortgage balance is less than 80% of the value of the home), you might consider accessing your home equity.
For instance, a home equity line of credit (HELOC) is a flexible line of credit that allows you to borrow against the equity in your home up to a certain limit. You’ll typically have 10 years to draw from this line, during which time you’re only required to pay interest. After that, you cannot draw anymore and will be required to pay both interest and principal, often at a variable interest rate. Because of their inherent flexibility, HELOCs are usually an ideal option for borrowers who don’t know exactly how much they’ll need or who are completing a series of renovations. See NerdWallet’s picks for the best HELOC lenders.
Alternatively, a home equity loan allows you to borrow against your equity in exchange for a lump sum of cash, which is paid back at a fixed interest rate. This may be a good choice for borrowers who have a fixed budget and know how much they intend to spend. See NerdWallet’s picks for the best home equity loan lenders.
A cash-out refinance replaces your existing mortgage with a new, larger loan, with a new interest rate and set of terms. You pocket the difference between the old mortgage and your new one, and you can use the cash to pay for renovations. Because this option changes your primary mortgage, it’s best reserved for borrowers who could lower their interest rate or get more favorable terms by refinancing. See NerdWallet’s picks for the best cash-out refinance lenders.
If you are planning an expensive renovation and don’t have at least 20% equity in your home, a personal loan might be your best choice. These usually have higher interest rates than equity options but also come with less risk because they aren’t tied to your home. See NerdWallet’s picks for the best personal loans for home improvements.
