Many people want to age in place but haven’t taken the steps to make it a reality. Carol Chiang, CEO of Evolving Homes, said that people often express the desire to age in place without really considering what it entails. Chiang’s clients generally fall into three categories: those with an urgent need for home modifications, those with a neurodegenerative condition, and proactive adults planning ahead. Carolyn McClanahan, a financial planner, sought Chiang’s help to make her home more age-friendly.
McClanahan noted that people often remodel their homes every decade or so, and making necessary modifications in their 50s and 60s can make it easier to live at home as they get older. The costs of making these upgrades can vary, with Chiang stating that a basic remodel for aging in place should cost at least $70,000. However, these expenses are a one-time cost, while the annual median cost for a private room in a nursing home is around $108,000.
In addition, home upgrades to support mobility can benefit people of all ages, not just older residents. Chiang recommended starting to think about aging in place when buying a first house and focusing on function as well as design when making upgrades. It’s also sensible to consider professional help when determining the specific changes needed in a home. For example, a certified aging-in-place specialist, or CAPS, can be enlisted to evaluate the home and make recommendations.
It’s also important to have a financial plan in place, according to experts. McClanahan advised people to start planning and understanding the logistics and costs as soon as possible. Furthermore, it’s beneficial to have a contingency plan for when it no longer makes sense to stay in your home. The costs of care and the availability of care communities can vary by location, so it’s wise to create a backup plan by researching local care communities in your area.
