As people age, the desire to remain in their own homes becomes increasingly significant. AARP reports that a substantial 77% of adults aged 50 and above express a preference for long-term residence in their current dwellings. However, despite this aspiration, many individuals delay essential home improvements necessary to facilitate aging in place.

Carol Chiang, CEO of Evolving Homes, which offers tailored consulting for those wishing to age in place, highlights a common oversight: people often express the desire to age in place without fully considering what it entails. Chiang's clientele typically falls into three categories: those with urgent needs following an incident, individuals with neurodegenerative

conditions, and proactive adults planning for the future. She emphasizes the foresight of the latter group, who understand that addressing issues early on can prevent higher costs later.

Carolyn McClanahan, a certified financial planner, and physician, who sought Chiang's expertise for her own home, stresses the importance of planning for aging-friendly modifications, especially for those without children. Remodeling every decade or so, particularly in one's 50s and 60s, can greatly enhance the feasibility of remaining at home as one ages.

The costs associated with such modifications can vary depending

on location and project scope. While Chiang suggests budgeting at least $70,000

for basic remodels, Curt Kiriu, an aging-in-place specialist, notes that costs

can range from $30,000 to $80,000. However, these costs pale in comparison to

the ongoing expenses of nursing home care.

Moreover, home upgrades not only enhance livability but also increase property value. Features such as wider doorways and no-step entries, part of universal design principles, can boost a home's value by up to 30%. To ensure successful home modifications, experts advise starting as early as possible and prioritizing functionality over aesthetics. Additionally, seeking professional assistance, such as a certified aging-in-place specialist or an occupational therapist, can help tailor modifications to individual needs.

Thinking beyond the bathroom is also crucial, as accessibility begins at the entry point. Professional evaluations can pinpoint areas requiring modification, such as installing grab bars or converting tubs to curb-less showers. Homeowners should also declutter their spaces to enhance accessibility and safety.

Financial planning is equally crucial for aging in place, as care expenses can vary widely depending on individual circumstances. Having a contingency plan for when aging in place is no longer feasible is essential, including exploring alternative care options like assisted living facilities.

Aging in place requires proactive planning, both in terms of home modifications and financial preparation, to ensure a safe and comfortable living environment as one grows older.

Source: https://www.cnbc.com/2024/02/03/here-are-things-to-consider-if-you-want-to-age-in-place-in-retirement.html