Episode 44: How Much Does It Cost To Remodel A Home For Aging In Place?

Remodeling a home for aging in place is an important decision that requires careful planning and budgeting.

Home renovation costs for aging in place can vary greatly depending on the size of the project, materials used, and labor costs.

There are many factors to consider when estimating how much it will cost to remodel your home for aging in place, and it is important to do your research before making any final decisions.

This article will provide an overview of the costs associated with remodeling a home for aging in place and helpful tips to get you started on your project.

When planning a remodel for aging in place, there are several factors that can affect the overall cost of the project.

These include the size and scope of the remodel, materials needed for the project, labor costs associated with hiring a general contractor or other professionals to help with the work, and any additional accessories such as ramps or grab bars that may be required.

The location of your home and the local cost of materials and labor can also have an impact on the total project cost.

Most people are interested in a kitchen renovation and a bathroom renovation. The national average cost of a major renovation can vary widely depending on the home modifications you are looking for.

For example a kitchen remodel is usually more expensive than a bathroom remodel. Using high-end materials will obviously increase the cost further.

However, a whole house renovation is still often cheaper than moving to an assisted living facility.

"The good news is that the price tag on most remodeling projects is under $10,000, which is far less than what you might spend on a nursing home. The average cost for a semi-private room in a nursing home is $7,900 per month, while a private room costs more than $9,000 per month. A one-bedroom unit in an assisted living facility runs about $4,500 per month."

Retirement Living

Full Article: https://homedesignsforlife.com/how-much-does-it-cost-to-remodel-a-home-for-aging-in-place/

Transcript

0:44

Hello everyone, and thank you for being with me today. Today's podcast is going to be on how much does it cost to remodel a home for aging in place? Remodeling a home for aging in place is an important decision that requires careful planning and budgeting. home renovation costs for aging in place can vary greatly depending on the size of the project, materials used and labor costs. There are many factors to consider when estimating how much it will cost to remodel your home for aging in place. And it is important to do your research before making any final decisions when planning a remodel for aging in place. Several factors that you should consider that will affect the overall cost of the project arm, the size and scope of the remodel materials needed for the project. Labor costs associated with hiring a general contractor or other professionals to help with the work and any additional accessories such as ramps or grab bars that may be. The location of your home and the local cost of materials and labor can also have an impact on the total cost of the project. Most people are interested in a kitchen renovation or a bathroom renovation. The national average cost of a major renovation can vary widely. For example, a kitchen remodel is usually more expensive than a bathroom remodel. Using high-end materials will obviously increase the cost even further. However, a whole house renovation is still often cheaper than moving to an assisted living facility. Did you know. The price of most remodeling projects is under$10,000, which is far less than what you might spend on a nursing home. The average cost for a semi-private room in a nursing home is$7,900 per. while a private room costs more than$9,000 per month, a one bedroom unit in an assisted living facility runs about$4,500 per month depending on where you live in the country. If you are remodeling your home for aging in place, then you may also want to consider universal design features such as light fixtures that will increase home safety. Wider doorways, new flooring, a walk and shower, comfort height, toilet, possibly new windows to improve energy efficiency. Updated electrical systems, new appliances, and a functional laundry. I've had many patients in the past that could not access their laundry room safely or had no way of taking their laundry from the washer and dryer to a place where they could fold it and put it away. So this is an important home feature that needs to be looked. On average, a homeowner will spend 3000 to$15,000 to remodel their homes for aging in place with most people paying about$9,500 to add a walk-in or a rollin shower to a bathroom with safety grab bars and non-slip flooring, as well as a universal height toilet. And. If you are looking to install faucets and doorknobs with lever handles for easier turning throughout your home, you can expect to pay as low as$350. However, some homeowners can pay as much as$50,000 to remodel your entire home with universal height sinks and countertops, lever replacements, broader hallways. And possibly ramps if you need them. When it comes to remodeling your home, there are several tips you can use to help keep costs under control. First, consider ways to minimize the scope of the project by focusing on the most important safety and accessibility features, for example, If you have difficulty accessing your bathroom safely or perhaps just accessing the toilet, then maybe that's what you should focus on. Either buying equipment that you can put over your toilet, which is a low cost option, or changing your toilet for a comfort height toilet, which will look better and also be more comfortable because. Add on equipment like a three in one commode, they usually have a very narrow opening to the toilet which makes it more uncomfortable to sit on, especially for men. If possible, choose to do it yourself. Solutions for easy projects, such as adding non-slip flooring, strips to stairs, or changing out light switch. second, invest in durable materials that require minimal maintenance over the long run. Finally, shop around for the best prices on supplies and materials to ensure you are getting a good deal. Is it worth renovating an old house? The answer to the question depends on several factors, such as the condition of the house and your personal. Historic homes may have additional appeal due to its character, charm, and history. On the other hand, if you plan on living in the same place for a long time, then remodeling an old house may be a great option. Renovating an old house can give you the opportunity to customize your living space and make it your own. It can also help increase the value of your home as well as improve its energy efficiency, which is also a huge area in aging in place. because it's going to save you money if you add appliances that are energy efficient However, renovating an old house comes with some challenges that need to be taken into consideration. Depending on the age of the house, it could require extensive renovations that can be costly and time consuming. Additionally, there may be hidden costs and problems associated with home improvements such as outdated wiring or plumbing issues that need to be. It is important to thoroughly assess the condition of an old house before making any decisions about renovations. Renovating an old house is a big undertaking and requires careful planning. In some cases, renovations may be too costly or extensive, making it impractical to. However, if the house is in a relatively good condition and the renovations are within budget, then it may be a worthwhile investment to make. So factors you need to consider are the cost of repairs, how much work is needed, the estimated lifespan of any new materials used potential zoning and building code. as well as local market prices for comparable homes. Is it cheaper to build a new house or remodel an old one? At first glance, building a new home may seem like the more cost effective option. However, this isn't necessarily the case. A variety of factors can influence how much it will cost to build a new home versus renovating an existing one. When weighing up whether to build or remodel, consider the age and condition of the old house. Older homes are usually cheaper to renovate as it will require fewer materials and labor to bring them up to modern standards. However, older homes may also come with their own set of problems, such as outdating wiring, or plumbing, as we mentioned earlier, that could add extra cost to the project. Building a new home from scratch can be expensive. This is because you'll need to cover the costs of land preparation, materials, labor, and any necessary permits. Building a new home also takes much longer than renovating an existing one, which would mean additional holding costs, such as renting a place while construction takes place. It's important to take into consideration all possible costs when deciding between building a new home or remodeling an old one. What is the most common aging in place remodeling project? One of the most common remodeling projects for aging in place is widening doorways and hallways. This can help make movement easier and prevent falls or other injuries. Additionally, ramps and grab bars can also increase safety in the home by providing better support as you move around. bathroom renovations are also popular and can include installing a walk-in shower, changing the type of toilet or replacing bathtubs with a more accessible model. Other modifications may include adding handrails in the stairways, reconfiguring your kitchen cabinets for easier access, and making entryways more access. Remember, we should have at least one zero step entry into our home in case an event happens where you are using a wheelchair, a walker, or a cane, or simply, your balance isn't what it used to be. It's going to be much safer and easier for anyone to access. An entrance through a zero step entry instead of having to navigate stairs. How much is too much to spend on a remodel? before you start any remodel project, it's important to determine a budget. Remodels can be costly, so setting a limit and sticking to it is essential. You may want to consult with professionals or do some research online to get an idea of the cost associated with your remodel. It's also important to consider what type of return on investment you're expecting from this project. If you plan to stay in your home for a while, it may be worth spending more on quality materials and design elements that will last, and that will also make you happy. However, if you're planning to sell soon, then going with a more economical solution may be. and also. having selections that most people are going to like that is also going to help your bottom line when you resell your home. It's also important to consider how much time and effort you can realistically put into the remodel. Do it yourself. Projects take a lot of time and energy, and it may be better to hire professionals for certain parts of the job for a smoother renovation. Remember, mistakes can be costly, so make sure you have the skills and experience necessary to complete any D I Y task before taking them on. Finally, you should consider the cost of not remodeling. For example, do you need to update your kitchen or your bathroom to keep up with current trends or more importantly to have safe access to your bathroom or be able to use your kitchen functionally if there are major defects or safety hazards in your home. That needs to be addressed. These repairs may be necessary and could affect the property's value if left unattended. Taking all of these factors into account will help you determine the best course of action. So whether you plan to complete a DIY project or hire professionals, carefully review the cost and make sure it fits within your. It is also a good idea to factor in the cost of permits or special inspections, and also factor in a 10 to 20% cushion to your budget to account for any unexpected surprises. It can also be helpful to create a detailed timeline of the project and set milestones and deadlines so you can track the progress of the. This will help you stay organized through the entire process. Finally, it's important to make sure that you are comfortable with the amount of money you're spending. Overinvesting in a remodeling project can cause stress and financial strain for years to come after the fact. If a contractor or a designer suggests something that is outside of your budget, it's important to remember that there are often other options that may still allow you to get the look and feel you want. For example, when it comes to Marvel, I love the look of marble, but marble isn't practical because it's expensive. It requires maintenance. It can be damaged easily. For example, if you use a harsh cleaning chemical, it will damage the marble, especially if it's a polished marble. So in instead, what you can do is buy your full mar. Which looks really beautiful depending on the quality of the materials, but it can look really beautiful and satisfy the look that you want. And then perhaps only do a small portion where you're using genuine marble, for example. in the accent of, let's say the shower wall. You can use real marble and have it be some really beautiful tile with a beautiful design. So there are always things that you can do to satisfy your wants and stay within your budget. What home upgrades are not worth it? When it comes to home upgrades, there are some that simply aren't worth the. These include installing expensive material upgrades, again, such as high-end marble countertops. While these types of improvements can add significant value to your home, they cost an exorbitant amount of money and may not be worth the cost down the line. In addition, installing certain expensive appliances such as a luxury refrigerator, Or a high end stove may not make sense either. While it is true that these items can be valuable and add to the aesthetic of your home, they are also costly and may not provide much return on investment in terms of resale value. Furthermore, certain structural changes such as converting a bedroom into an office, Or adding a room to the house can also be costly and may not make sense. Overall. While you may enjoy these additions in your home, they are typically non-essential improvements that buyers will not pay more for and could actually reduce the value of your house when you try to sell. Lastly, outdoor upgrades such as an in-ground swimming. Or landscaping should be avoided unless you plan to stay in your home for the long term and enjoy these additions yourself. The cost of these improvements will often not provide a significant ROI and can even deter certain buyers from considering your home. What is the smartest way to pay for a home renovation? We have several options here. One is to use a home equity loan. Homeowners can leverage the equity in their homes by taking out a loan or refinancing their current mortgage. This option is often less expensive than using credit cards and financing with other forms of loans, as the interest rates are typically lower. Additionally, many lenders will allow you to borrow up to 80% of the appraised value of your home so you can access significant funds for renovations. Another option. Our government incentives. Many governments offer special grants or tax credits for specific types of renovations. These programs are designed to help homeowners make their homes more energy efficient, improve accessibility, and even repair damage caused by natural disasters. Also, considering taking out a home equity line of credit like a he. Loan. A HELOC is a revolving loan that uses the equity in your home as collateral. This type of loan provides access to funds over time, allowing you to make payments when it's convenient for you. Interest on a HELOC is usually tax deductible, making it a great option for financing home Re. when planning to finance a home renovation, there are several different options available. You can use existing savings or cash payments and take advantage of government incentives. Make sure to do your research and figure out the strategy that is right for you and for your renovation. Thank you for listening today. I hope you will join me again next week. And again, if you have any suggestions for a future topic, please email me at home designs for life gmail.com. Thank you so much for being with me today.