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?
When we moved last we chose a home that was conducive to elderly people’s lives and safety. It is a modest home by many people’s standards and not in a big city but driveable to Melbourne if needed. We paid $340,000 and it has doubled in value in just 12years. It is all on one level with no stairs and small outdoors to manage. It is not a townhouse so no body corporate which incurs extra fees. Obviously, we were lucky to move then as we could not afford a home now at present prices. We have room for family who often come between accommodation and we needed that as family is still interstate as well.