How to Fund Aging in Place Home Upgrades

Are you hoping to stay in your home when you hit your golden years? For many adults, the idea of aging in place is far more appealing than uprooting and moving to a senior living community. But you’ll need to make sure your home is outfitted so you can safely pursue aging in place. 

You’ll need to do everything possible to reduce the likelihood of falls and make essential items easy to reach. Thankfully, you can do these enhancements over time. Read on to learn more about funding aging-in-place home upgrades. 

Consider the Costs

When you’re outfitting your home with features that can help make aging in place possible, you’ll want to understand the costs for each change. You could consider starting with handrails, for instance, which are among the cheaper upgrades for bathrooms or hallways. These will cost a few hundred dollars for both the materials and installation labor. 

Maybe you’ll need to widen a room entrance to accommodate walkers or wheelchairs. These upgrades could cost up to $2,000, so you will need to budget accordingly. 

Similarly, ramps for wheelchairs and walkers can easily reach into the thousands. If you opt for a portable ramp, you may be able to keep your costs under $1,000. But concrete ramps are much pricier, with some exceeding $5,000.

Other costs may relate to flooring upgrades. Switching from a slick tile to one with more texture can help prevent falls, and you’ll pay around $5 per square foot. Make sure to hirey a skilled contractor for the installation.

Finally, plan on spending hundreds of dollars plus recurring monthly fees for a monitoring system. Wearable monitors or emergency buttons can provide peace of mind when you’re home alone. 

Spread Out Your Projects

Remember that you don’t have to tackle every upgrade at once. You can responsibly manage your budget by spreading projects out over the course of several years. 

You could start with smaller, cheaper upgrades, like stair railings or lighting improvements. The following year, you could add an entry ramp to your home, for example. From there, you could reframe doorways for wheelchair access the next year. 

As you age, you’ll need your money to stretch further. Ultimately, adopting a lifespan-based budgeting approach can make these upgrades more manageable. Financial planning firms such as Abacus focus on longevity-oriented asset strategies that help individuals align home investments with long-term retirement goals.

Look at Funding Options

A little financial planning can help you fund necessary aging-in-place upgrades. If you’re funding a simple project, you may be able to rely on your existing income or savings. That way, you won’t need to pay interest. 

For larger projects, you may want to look at home equity loans or HELOCS. You won’t need to make such a large upfront payment that cuts into your monthly cash flow. Instead, you can use your home equity as collateral and make smaller regular payments. 

Don’t overlook rebates as an option to offset costs, too. Making accessibility upgrades could make you eligible for state or local rebates. Do some research so you can take advantage of the savings, if possible. Likewise, you may be able to get loans with reduced interest rates from some lenders. If they know that you’re trying to make a home safer and more accessible, that could qualify you for better rates.

Prepare Your Home

Aging-in-place home upgrades can improve your quality of life while keeping you safe. Determine costs for planned upgrades, and create a schedule so you can pursue them in a fiscally responsible manner. Look at your savings and investments, as well as lending resources, to help finance your projects. 

When you’re smart about home upgrades, you can ensure that you’re prepared for the road ahead.