£ 8,000... the cost of growing old in your own home

OLDER people want to remain in their homes as they age but face a typical £ 8,000 bill to “care proof” the properties, research shows.

That is the cost of installing a wet room, widening doorways for wheelchairs plus fitting ramps and grab bars to help the elderly with mobility.

Nearly half ( 47 per cent) of owners aged over 55 want to stay in their current home – but just one in five admit it is suitable if their health declines, says a survey of 1,004 older owners by equity release specialist Key.

Two in five admit their homes need work to make them suitable for later life, with the average cost of changes averaging just more than £ 8,000. Owners in Scotland say they need the least work (£ 7,320) while those in the South- west of England expect to pay the most – £ 9,197.

Nearly a third who plan changes bank on a bill of more than £ 10,000.

Key’s Q2 2020 Equity Release Market Monitor suggests the proportion of equity spent on home or garden improvements fell from 17 per cent early in 2020 to 14 per cent because of the coronavirus crisis.

Care proofing remains a popular use of equity release and 59 per cent of people spend some of the cash on making their home more functional. The average sum released was more than £ 74,000, the index shows.

Will Hale, chief executive of Key, said: “The need to make these changes may feel like a long way off for those early in retirement, but it is important to consider whether your current home could work for you as you get older.”

Analysis by shower firm Mira com

pared age- proofing with nursing home costs and found that modifications can be 65 per cent cheaper on average.

With a care home place costing around £ 750 a week, over five years

( accounting for three per cent fee rises in line with inflation), on average it is 28 per cent cheaper to receive fulltime care in age- proofed homes.

Costs can include £ 2,200 for an adjustable double bed, £ 899 for riser recliner seating, non- slip flooring at £ 337 and £ 3,475 for a stairlift.

A report from ex- Treasury economist Chris Walker says the toll of over- 80s who will fall at home is expected to rise from 1.6 million to 2.5 millon by 2032, costing the NHS £ 2 billion a year.

His study – part of a project for the Homes for Later Living consortium – calls for an extra 30,000 homes to be built just for pensioners each year.

Caroline Abrahams, charity director at Age UK, said: “Simple changes like putting in grab rails near stairs or bathrooms and installing a level access shower can definitely help.”

If they need later care, 28 per cent of older owners want to downsize or move into sheltered accommodation – five per cent expect to live with family while four per cent would prefer residential care, the Key report showed.