Would you spend $30,000 to future-proof your home forever?
Builders are reporting a boom in spending by older Australians to future-proof their homes so they can age in place.
The prospect of having to downsize, or go into aged care, is not welcomed by most of the older population.
However, if you live in a two-storey house, it could be difficult to get around if you have mobility issues.
But with the price of installing in-home lifts being within reach of many home owners – especially if they are willing to take out a loan – new hope has been given to those who want to continue living in the family abode.
Online marketplace for tradespeople hipages has seen job listings for lift installations increase 20 per cent in the past 12 months.
Compact Home Lifts NSW sales manager David Mayer said many older Australians saw it as better value to install a lift for around $29,000 than to downsize and have to pay stamp duty and real estate agent commissions.
Would you borrow against your home to spend on future-proofing it?