How much to ‘age-proof’ your current home?
For many, growing old at home seems like a pipe dream. But in terms of costs, it could actually work out better in the long run. New analysis reveals it’s 65% cheaper to ‘age-proof’ your current home than it is to move into a residential care home.
Population forecasts predict that the number of over 67-year-olds in the UK will grow by over 30% between 2016 and 2041, making it more important than ever to ensure we prepare our accommodation for later life. Of course, there are other options – living with relatives, downsizing to a retirement village or moving to a residential care or nursing home. But not all are suited to what the UK’s over-65s actually want.
A new study conducted on behalf of Mira Showers, has found that 87% would rather grow old independently in their own home. However, some adjustments may be required to adapt our properties.
• It’s 28% cheaper to age-proof your home and receive five years’ at-home nursing care than it is to move into a residential nursing home for five years.
• The South East ranked the most expensive UK region to move into residential care.
• 75% would most appreciate assisted-living products in the bathroom.
• 70% prioritise style over function when it comes to adapting their homes to be suitable for their needs in later life.
• 1 in 5 admitted the thought of ‘age-proofing’ their home with items such as grab rails and mobility aids sent alarm bells ringing regarding costs.
To help the aging population and their relatives find a cost-effective option, a new calculator has been launched
When scaling residential nursing care costs over 5 years (and accounting for 3% fee rises in line with inflation), analysis shows it is 28% cheaper on average to receive full-time care at home and benefit from investing in ‘age-proofing’ solutions, no matter where you live in the UK.
Discover what options are best suited to individual needs and budgets via a new tool – Cost of Care calculator – that compares the cost of living in a residential care home versus the approximate cost to prepare their existing home for later life.