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Can your elderly loved one afford to stay in their home?

On Behalf of | Nov 2, 2022 | Elder Law |

You love your parents, and you want to support their goals for the future – just as they once supported yours. You’re worried, however, that your parents are being unrealistic about their plans to “age in place” and remain in the family home.

Can they afford it? Even if the home is paid off, there are a few things that have to be considered:

Can they afford the maintenance and repairs?

When you own a home, maintenance is an ongoing process. While there are different ways to calculate the annual average cost of household repairs, one of the most popular figures that people use is the 1% rule. This tells you to anticipate paying about 1% of the home’s value each year in repairs.

As your parents age, they may need to rely more on help from a professional handyman for even basic repairs, and that can add to the annual expenses.

Can they afford the age-based renovations?

Renovating their home to make aging in place a possibility is also probably going to be necessary. Many of the renovations may be small – like the addition of grab bars in the shower or easy-use handles on doors. However, major renovations may also be needed, like:

  • Access ramps on entranceways to avoid stairs
  • Installation of a chair lift for inside stairs
  • Adding an additional bedroom or bathroom on the main floor

It’s not unusual for seniors to develop mobility issues, so that means planning ahead to accommodate them.

Can they afford the in-home medical care they need?

Roughly 76% of folks over 50 years of age hope to remain in their homes as they age, but almost all of them are concerned about how they can afford home health care.

If they only need a little assistance with housework, that’s likely to run more than $4,000 per month, and you can expect to pay an equal amount (or more) if they need a health aide’s services. That’s more than the median cost of a room in nursing care.

Planning ahead for senior care is part of what elder law is all about. Find out more today.