Cost of remodeling
Posted by MARY LYNCH
Baby Boomers, a generation four times larger than their predecessor that was born before the end of the World War II, are 70 million strong and have made an oversized impact at every phase of their lives. Today, Boomers are making tough decisions about living arrangements for their Golden Years.
Three out of four of Boomers plan to stay in their current homes rather than move to a retirement community or rent a retirement home. Known as “aging in place”, elderly Boomers are creating a huge demand for renovations, ranging from walk-in baths to stair lifts and medical alert security systems. Of the 25 million homeowners that are 65 years and older today, the Joint Center for Housing Studies estimates that 44% have some need for home accessibility features due to disability or difficulty using components of the home, such as kitchen or bathroom facilities.
Costs of Making a Home Accessible
Below is a list of remodeling projects to retrofit a home to make doorways, bathrooms, kitchens and second floors accessible. The estimates of prices and costs are rough and vary widely by location.
Cost of retrofitting for accessibility | ||
Project | Price Range to | Avg. Cost to |
Walk-in Tub or Shower | $3,000 to $15,000 | $5,000 |
Ramp Installation at Entrance | $874 to $1,751 | $1,113 |
Widen an Entry Door | $200 to $7,000 | $800 |
Stair Lift Installation | $3,000 to $20,000 | $8,000 |
Install Entry Handrails | $700 to $1,200 | $8,000 |
Install an Elevator | $33,000 to $100,000 | $50,000 |
Install Lever Taps on Faucets | $154 to $332 | $220 |
Widen Hallways w/out Structural Changes | $800 to $1,400 | $1,100 |
Widen Hallways with Structural Changes | $30,000 to $40,000 | $35,000 |
Replace 10 Windows | $5,500 to $10,500 | $8,000 |
Remodel Bathroom | $2,500 to $24,800 | $14,000 |
Kitchen Countertop Height Adjustment | $15,000 to $20,000 | $18,000 |
*PRICES VARY BY LOCATION. SOURCE: RETIREMENTLIVING.COM
Nationwide, homeowners spend an average of $6,292 to make their homes accessible.
