Most Canadian seniors want to remain in the family home as they age, but often must renovate and retrofit areas of the home as part of aging in place.
That’s according to the results of a study conducted by HomEquity Bank and Ispos Canada, where 300 Canadian homeowners were surveyed from March 15th to 18th 2016.
The study focused on Canadians aged 55 and older and asked if renovations were needed to remain in their home, as well as what type of renovations and retrofits would be necessary and how they would be financed.
Here are the key findings of the study:
58% of respondents stated that improvements would be required.
46% stated that minor renovations would be required.
11% stated that major renovations would be required.
44% of respondents who stated that improvements would be required indicated that their kitchens and/or bathrooms would have to be renovated to improve accessibility.
The study also showed how respondents planned to finance improvements: 62% plan to draw on savings; 25% plan to arrange a reverse mortgage or HELOC; 11% plan to utilize investments; 9% plan to sell existing assets; and, 7% plan to use other types of loans.
Accessibility remains the top issue when it comes to seniors remaining in the family home, according to Vince Agovino, Executive Director, AGTA Home Health Care, a company providing products and services – from Personal Support Workers (PSW) to home renovations – for barrier free living. In fact, the top areas his company addresses include: improving accessibility from the main floor to the second floor; improving accessibility from outside the home to inside the home; and, renovating the home so there is a full bathroom on the main floor.
Mr. Agovino founded the company in 2000, following his personal, and challenging, experience of helping his aging grandparents remain in the family home.
“It was very difficult as my grandparents aged. It was difficult to find the products they needed, such as bathroom safety equipment, and especially hard to find everything we needed in one place. We also needed a PSW and needed to explore financing. I discovered we weren’t unique in this situation,” he explained.
That led to the launch of AGTA Home Health Care, which, Mr. Agovino notes, strives to address and solve all aspects of barrier free living.
AGTA Home Health Care’s most common renovation projects include:
Improving accessibility from the main floor to the second floor, via a stair glide, starting at $3,000.
Improving accessibility from outside the home to inside, via a ramp, starting at $3,000.
Creating a full bathroom on the main floor of a home, starting at $10,000.
The February, 2015 Retirement Study of Canadians aged 55+, conducted by HomEquity Bank and The Brondesbury Group, detailed 47% of pre-retired and 56% of retired respondents stating that ‘staying in my home is critical for my quality of life.’
HomEquity Bank, the only Canadian bank working exclusively with seniors, helps elderly people remain in their homes through its CHIP reverse mortgage solution. Seniors can supplement their income via reverse mortgage monthly or lump sum payments.
For more information on CHIP Reverse Mortgages contact me for a no obligation consultation.