With a worldwide trend towards aging populations, the question of upgrading a property to accommodate the needs of elderly and mature occupants tends to be overlooked when preparing a property for market.
The value of independence
One of the greatest complaints expressed by residents of aged care homes is the general feeling of loss of independence and self-sufficiency that comes with older age.
For those still living in their own homes, this means that things like general mobility and accessibility of upstairs floors become important considerations when choosing a suitable residence. For older people who find themselves increasingly homebound, the ability to live comfortably and independently in their own home without the assistance of others becomes an invaluable commodity.
Investing in mobility features
Remember that mobility features such as home lifts or step lifts should not be considered as simply being the domain of those with disabilities. With increasing age, even those who are otherwise independent and mobile become more prone to falls and injury when negotiating staircases and steps.
A well-planned lift installation in a split-level home will add significant resale value to a residential property. For landlords, investment in a home lift installation will not only pay off in market value but will also potentially command higher rental tariffs.
A specialist lift installer like Terry Lifts can provide expert guidance and advice on the best installation and mobility solutions for your residential or commercial property.
The population is aging, and so is your potential market
For those with investment properties or in the throes of preparing a property for sale, it bodes well to consider that a large percentage of the population (and therefore the potential real estate market) are increasing of advancing age.
In 2018, almost 20% of the population of the United Kingdom were aged over 65 years, compared to 10.8% percent in that age bracket in 1950.
The USA population reflects almost the same figures, with the number of those aged over 65 set to reach 22% by 2050, compared to just 8% in that age bracket in 1950.
Set against this backdrop, budgeting and planning for suitable mobility and egress aids for your home or investment property should be high on the list.
Consider additional low-cost improvements
A range of relatively low-cost mobility and safety items is also worthy of consideration for providing your property with an aged, user-friendly facelift.
There are staircases and steps, one of the danger zones for falls and injuries in the bathroom and en-suite area. Wet areas are typically characterized by hard tiled surfaces, which make them unforgiving in the case of a fall. For seniors and the elderly, the risk of broken bones increases significantly.
A number of inexpensive and unobtrusive solutions are available to increase general security. These include grab bars and handles which can be strategically placed in the bath and toilet areas. Non-slip surface coverings in wet areas can afford additional protection.
Move with the market
Purchasing a residential property remains the greatest investment most people will make in their lifetimes. As people age, the ability to remain independent and self-sufficient in their homes becomes increasingly valuable.
Moving with an aging market and budgeting for a mobility asset like a home lift installation will pay off in increased marketability and property value.