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Cost Comparison

Confidence Builders New Mexico :: Cost ComparisonMany people think that it costs much more to modify your home to enable you to continue living there than it does to move to an assisted living facility. In truth, it is quite possible to continue living in your own home and spend less than you might if you moved out. The example below compares a typical home remodel with the average costs of assisted living. What it shows is that moving out of your home can drain your financial resources more quickly than modifying your home. Here’s how:

On average, it costs $3,500 per month to live in an assisted living facility. The monthly costs to stay in your home, including a Confidence Builders Home Maintenance Plan and in home care for two hours per day costs an average of $1,438 per month. That’s a monthly savings of over $2,000 to stay in your home. Even though there is an up-front cost to modify your home, in this example it doesn’t take much time at all to recoup those costs for the long-term benefit.

Specifically:

  • Assisted Living: $3,500 per month
  • Aging in Place: $1,438 per month
  • Monthly Savings : $2,062 per month while staying at home

With a possible remodel cost of $51,610 (see details below) that means you will break even after just over two years while staying in your home. With two people potentially moving to an assisted living facility, the savings may grow significantly by modifying the home.  And even a more extensive remodel may still make financial sense.  This example assumes you pay cash for the remodel.  If you finance the remodel work using a home equity loan the cost savings are even greater over the long term.

Of course every situation is unique.  You will need to consider your specific needs and circumstances to determine what makes the most sense for you and your family.

AGING IN PLACE HOME REMODEL EXAMPLE TOTAL COST IS $51,610

Interior Modifications

General

  1. Replace 25 light switches with rocker switches
  2. Replace 10 light fixtures with better lighting
  3. Modify 5 existing interior doors to swing wide and replace hardware with lever handles
  4. Replace 500 sf of flooring with slip resistant flooring

Master Bath

  1. Remove fiberglass tub, fixtures, door, flooring, and toilet, and demo shower area to studs
  2. Replace/reinforce subfloor for tile
  3. Install curbless shower pan and shower with new water balancing fixtures, grab bars, transfer bench and adjustable shower head
  4. Install 3’0” door with lever handled hardware
  5. Install new flooring over “wet room” prepped area
  6. Install new toilet with grab bar set

Master Bedroom

  • Install grab bars near bed

Kitchen

  1. Install roll out shelving in 6 lower cabinets
  2. Replace kitchen fixtures with lever handled faucet

Exterior Modifications

  1. Build 15 ft concrete entry ramp with metal railing on both sides
  2. Install keyless entry and no step threshold
  3. Install motion activated spot lighting in front entry
  4. Install front entry shelving
  5. Install 40 ft of seamless gutter
  6. Xeriscape front yard

Assisted Living, Basic Single Room, 1 Person


  • $3,500 >> Monthly Costs
  • 25 >> Total Months
  • $87,500 >> Total Assisted Living Costs for 25 Months

Aging In Place

  • $1,438 >> Monthly Costs
    • $1,213 >> In Home Care (2 hrs/day)
    • $225 >> Confidence Builders Maintenance Plan
  • 25 >> Total Months
  • $35,958 >> 25 Month Cost
  • $51,610 >> One Time Home Modifications

  • $87,568 >> Total Aging In Place Cost for 25 Months

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