A recent study by the Joint Center for Housing Studies at Harvard University revealed that households 55 and older account for over half of all current home improvement spending. And, with many adults also caring for their own parents, it’s no surprise that accessibility is a top trend in remodeling, especially for Baby Boomers and their families.
Remodeling an existing home has substantial benefits over buying or moving to a new home. First, homeowners can take advantage of the equity they already have, in a home they already own, to make home improvements with little or no cash out of pocket. “There are a now a wide variety of financing options available to homeowners, for renovation projects, that weren’t available a year or two ago,” says David Ratti of Ratti Lending at Envoy Mortgage. “You can even get cash based on the future value of the home.” Second, as folks get older the
According to SeniorLiving.org, “As the elderly population grows and a new crop of young adults are financially struggling to attain a solid financial foothold in trying economic times, individuals ‘sandwiched’ between aging parents and adult children are… often put in the position to care for both their children and parents simultaneously, and this support is often both emotional and financial.” So, many of these families are staying put in their existing homes and expanding or remodeling to make the home more accessible for their parents or themselves, as they age.
Some of the most common accessibility projects include:
- Adding an addition to include a master suite on the first floor
- Widening rooms, hallways and door ways for wheelchair accessibility
- Opening up a kitchen floor plan to create open space and accessiblity
- Updating bathrooms to include curbless shower and grab bars
Kitchen and bath remodeling consistently top the list of home improvement projects. Chris Parker, owner of Parker Design Build Remodel says they “provide many options for homeowners who want their homes to be accessible and accommodating as they age. Aging in Place planning, before a remodeling project begins, allows us to consider including wheelchair accessible cabinetry, door openings, hallways, grab bars, and more!
With an abundance of older homes in the nation’s housing market, the ability to modernize is a growing trend that is not expected to go away anytime soon. If you’re considering a remodeling project, aging in place, or just updating an older home, call the experts at Parker Design Build Remodel today for a consultation!