Let’s consider for a moment that you are considering leaving your home, which is fully paid for, and moving into an assisted living facility. Let’s also say that the primary purpose for this move is a mobility issue; How will I be able to continue getting up and down the stairs?
Now let’s consider the options: You could stay in your home and install a stair lift. On average stair lifts cost between $10-$20K. That seems like a lot of money but the other option is to go into assisted living, that on a conservative estimate, costs $2000 a month. So you could spend $24K for one year of assisted living or spend $20K for a stairlift that would allow you to continue to stay in your home for maybe another 10 years. So which seems more cost effective to you?
Now let’s take it a step further. What about an elevator? Yes you can put an elevator in your home. But that is way too expensive. I would never consider indulging myself in that manner. What would the neighbors think? Again let’s do the cost comparison. An elevator costs between $30-$40K. It would increase the value of your home and you would readily recoup the cost of the elevator when you did sell the home. Assisted living, again at a conservatively estimate, $2000K per month or $24K per year, you would get a return on your elevator investment within 2 years.
So when thinking about moving to an assisted living facility based upon the cost of remodeling always do the cost analysis. You want to spend your money wisely and efficiently.