Aging in place is growing in popularity and it’s typically the first choice among older adults. To successfully age in place, this calls for making renovations and adjustments to your existing home so that living within the space is safe and comfortable for you. While this could represent a significant investment, it could in the long run turn out to be less costly than moving to an assisted living facility. But have you wondered how these alterations to your home might affect its value? bankrate.com looked into how these remodels impact home values. This is great information to have as knowing how it might hurt or improve your home’s value can factor into your decision to continue living in your home or opting to grow older in another type of living arrangement.
To start, what are common aging-in-place renovations or remodels? Typically, the modifications made are intended to remove potential hazards and make your living space more accessible so that you can continue living independently. Some such remodels include changing your faucet to a hands-free model; installing grab bars; converting a space on the ground level to a bedroom or bathroom; and installing an exterior ramp.
For a rough breakdown of costs (in USD), along with how they impact a home’s value, aging-in-place modifications that improve value and those that negatively affect it, plus the changes you can make that won’t hurt its value, read the full bankrate.com article here.
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