How Aging In-Place Renovations Will Impact Your Home’s Value
Aging in place is growing in popularity and is generally the first choice among seniors. Successfully aging in place requires making renovations and adjustments to your existing home so that living in the space is safe and comfortable for you. Although this may represent a significant investment, in the long term it could prove to be less expensive than a move to an assisted living facility. But have you wondered how these changes to your home might affect its value? bankrate.com examined the impact of these renovations on the value of the houses. This is great information to have, because knowing how it could hurt or improve your home’s value can factor into your decision to continue living in your home or to age into another type of lifestyle.
For starters, what are some common renovations or renovations for aging in place? Typically, the changes made are aimed at eliminating potential hazards and making your living space more accessible so that you can continue to live independently. Some of these remodels include replacing your faucet with a hands-free model; install grab bars; convert a space on the ground floor into a bedroom or bathroom; and installation of an exterior ramp.
For a rough breakdown of costs (in USD), as well as their impact on a home’s value, aging changes that improve value and those that negatively affect it, and changes you can make without harming its value, read the full article from bankrate.com here.
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