Spending Money on Home Remodels for the Elderly May Pay Off

Our Take

As parents, friends or even as you yourself age, you need to start thinking about how one’s living situation is going to evolve. More and more people continue to live at home throughout the later years of their life, but their home isn’t always set up for their changes in lifestyle. This can mean renovation to make the home more livable. You may be hesitant to spend the money or have the work done. However, one recent study in New Zealand found that if you spend the money on the right fixes, it can lead to a 33% reduction in the amount of money spent to treat the elderly for falls. There is also a savings in the “social costs” related to fall injuries. Home renovations that can help prevent falls include hand rails, better lighting, slip resistant edging on stairs and outdoor decks, and fixing any loose flooring. When researches compared the costs to complete these projects, to the costs of treating injuries related to falls, they found that it was beneficial for the general population to spend the money on the renovations. Additional no cost steps can be taken to reduce falls at home as well, liking decluttering. To learn more about the study and its findings, continue to read below.

Home renovations could be well worth the expense for older adults and people with a history of falls because they prevent injuries and might curb medical spending, a study in New Zealand suggests. The cost-benefit analysis found a 33 percent reduction in spending to treat fall injuries over three years, and potentially a six-fold savings in “social costs” related to such injuries.

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