Let me share some ideas about getting started, whether spring housecleaning or getting ready to move, now, or later.

Actually, just start! Easier said than done, right? (Part of my service is to bring boxes periodically to keep your process moving forward.) It’s easier to start with things that you don’t use everyday, for ex:, garage, junk drawer, clothing you don’t wear. Rolls of colored tape help designate what you want to donate, toss or keep.

On the back are tips on paying for Aging in Place remodeling to stay in your home or, what not to do. I disagree with the elevator…have you seen the plexiglass elevator tube that disappears visually?? Rossmoor has them in various homes and they are pretty slick, in a place like Rossmoor that would be on the “Improve Value” category. Let me know your thoughts or things to add if something comes to mind. 

When You’re Moving

When moving, it’s likely that not all of your possessions will go to your new home.  This raises the question: what to do with what’s not moving? Your options include:

Give to family or friends: Relatives and friends may find unwanted possession useful, valuable, or sentimental.

Garage sales & estate sales: Garage sales are ideal for offloading cheaper items, while estate sales, often managed by professionals, are better for valuable possessions.

Charitable donations: Check ahead for drop-off requirements or potential removal fees.

“Junk” removal services: Quick and efficient, they will take almost anything you don’t want.  Pricing is based on volume of material and fees are often added for items such as paint or tires.

Self-storage: Storing items can ensure future access or delay tough decisions about letting go. However, self-storage can become costly and rates are subject to unexpected hikes.

Aging in Place Remodels That Can Help, or Harm, Home Value

All home modifications are not created equal when it comes to a home’s sales price. Some enhance its value. Others reduce it.

According to Bankrate, these modifications can improve home value for seniors:

• Full bathroom on main level 
• Doorways at least three feet wide Hallways at least four feet wide 
• Non-slip floor surfaces Entrances without steps Lever door handles (instead of knobs) 
• Hands-free faucets 
• Pull-out drawers (rather than standard cabinets) 
• Automated light shades 
• Smart lighting system with LED bulbs and rocker light switches, controllable from smartphones

Some aging in place modifications can decrease the value of a home. If resale value is a consideration, think carefully about these installs:

• Elevator (56 percent of respondents to a survey by the NAHB did not want this feature) 
• In-law suite (42 % of NAHB respondents did not want this feature) 
• Permanent exterior ramps 
• Chair or wheelchair glides on stairs 
• Large grab bars Push bars on doors (instead of handles) 
• Walk-in bathtubs

It’s important to note though, that even with features that could increase the value of a home, the cost of making that change could outweigh the benefit. For example, widening a hallway may be a benefit. But in many homes, one of the walls in a hallway is likely loadbearing, which could cost $20,000 to $50,000 or more to change.

PAYING FOR AGING IN PLACE REMODELING

Aging in place remodels can get expensive, a concern for those on or near to fixed retirement incomes. Fortunately, there are a number of ways for seniors to pay for aging in place remodels, from borrowing against the equity they’ve built up in the property to other financing.

Home equity line of credit (HELOC)—If a good portion of the home is owned outright (most of the mortgage is paid off), seniors can use that equity to obtain a home equity line of credit. Since the home is collateral for the loan, interest rates tend to be lower, and funds can be withdrawn as needed for the remodel. According to the IRS, homeowners can deduct the interest on up to $750,000 of the loan if the funds are used to “substantially improve” the home.

Home equity loan—A home equity loan is similar to a home equity line of credit except that funds are released in a lump sum which is repaid in installments. Like HELOCs, home equity loans tend to have relatively lower interest rates. And the same tax benefits as a HELOC apply.  

Home improvement loan—If the homeowner has good credit, this type of personal loan from a bank, credit union or online or peer-to-peer lender frequently doesn’t require a lien to be placed on the home. Reverse mortgage—Seniors aged 62 or older who own their home outright (i.e., the mortgage is paid off) may be eligible for a reverse mortgage, which converts a portion of the home’s equity to cash while allowing them to continue living in the home. Instead of monthly repayments of the funds, the debt is due only when the property is sold or permanently vacated. 

State housing finance agency loans—State agencies and nonprofit organizations such as Rebuilding Together often offer financial assistance for seniors. There are also funds that may be available through the Older Americans Act, distributed by Area Agencies on Aging (AAA). Keep in mind that there are income-limit requirements, so seniors need to check for a Housing Finance Agency in their area to understand options.

The SRES® Professional | Aging in Place Remodels That Can Help, or Harm, Home Value