Living well in old age

How we will live in old age concerns more and more people. Because by 2030, almost one in three people in Germany will be older than 65. As people age, they develop new needs and requirements for their own homes. To meet these, many structural changes would have to be made in the home. This is because not even two percent of all apartments in Germany are age-appropriate. This is according to a 2018 study by the Institute for Housing and the Environment (IWU). How can age-appropriate living be realized and who can support you?

The term “age-appropriate living” refers to a house, or a rental or owner-occupied apartment, that allows older people to live barrier-free and comfortably. For example, it is important to have practical and appropriate furniture in the apartment. Residents should be able to live independently for as long as possible without having to rely heavily on other people. To do this, of course, the apartment must be free of all trip hazards or risks, and aids must be installed to simplify everyday life.

Living in old age – safely and independently

In addition to sensible furnishings and useful aids, there are various forms of housing that enable age-appropriate living. Some seniors don’t want to live alone as much in old age and join like-minded people or seek professional help with everyday life. This can range from hourly support services to part-time care to institutionalization. Depending on the taste and depending on the health of the elderly. However, most people want to stay in their homes as long as possible. However, this is often not possible without help or special facilities. We provide an overview below:

Barrier-free remodeling

This option is particularly suitable for seniors who do not want to leave their familiar home in old age. The idea behind this is to convert the house or apartment so that the residents can move around in it without barriers. A stair lift can be installed and doors can be widened. The bathroom can be equipped with a wider shower and wall support handles, seating or a suitable toilet for wheelchair users. Disadvantage: It is often expensive.

According to the study “Wohnen im Alter” (Living in old age) by the Kuratorium Deutsche Altershilfe (KDA), almost three million barrier-free apartments will be needed by 2030. Life expectancy is rising and most people in Germany want to live self-determined lives in their own familiar or rented four walls for as long as possible. Incidentally, this not only has a positive effect on those affected, but also on the national economy: According to the IWU study, the possibility of remaining in one’s own home saves inpatient care costs of around 100 million euros a year.

But there is good news for all those who have not already thought about old age when building a house or buying an apartment: The federal and state governments support construction and conversion measures with grants and low-interest loans. What is financed and who promotes the age-appropriate conversion, you will learn below.

Alternatives to “staying at home” include:

1. When seniors need extensive care or constant supervision from a professional, a retirement home is often a viable option. Here, seniors are among people in a similar stage of life and there is always someone on hand in case residents need assistance.

2. In shared apartments, older people can live with other seniors. They support each other and establish social contacts among themselves, so that they are not lonely in old age and can always help each other. This can be worthwhile for seniors with low incomes. Because they share the costs such as rent, utilities or if something breaks.

3. Multigenerational Houses. People of different generations live together here. This allows seniors to receive support from younger people when appropriate. On the other hand, the seniors can help them in turn and offer their help with babysitting, for example.

4. Assisted Living. In assisted living, seniors live in barrier-free apartments or houses and have a contact person on site. The seniors nevertheless live as independently as possible in their own households. Depending on how independent someone is, they receive a corresponding amount of care. The type of care may also adjust over time.
   

Most people want to remain living at home in old age. Not only the apartment or the house is familiar and loved, but also the neighborhood, the ways to shopping or doctor or pharmacy and the whole environment. If you know your way around, you feel safe, and this lays an important foundation for healthy aging and the greatest possible sense of well-being. You can also find further thoughts on the topic of living in old age

here

in our blog. But what to do if the measures and conversion measures envisaged are very costly?

Living in old age: Possible subsidies

Eligible measures are those in and around the home that reduce tripping hazards and remove obstacles. These can be, for example, the following measures:

• Barrier-free access to the house and to the garbage garbage cans at the garage
• A brighter lighting around the house
• The demolition of a wall between the living and dining area
• A wider door to the bathroom
• A floor-level shower or a height-adjustable washbasin
• Kitchen work surfaces that can be lowered
• Continuous handrails
• Anti-slip coverings in the staircase
• A new operating system for roller shutters and door openers

The KfW (Kreditanstalt für Wiederaufbau) has two subsidies available for age-appropriate living: the subsidized loan “Altersgerecht Umbauen” 159 and the subsidized grant “Barrier Reduction” 455-B.

The “Altersgerecht Umbauen” program 159 comprises low-interest, long-term loans for barrier-reducing and burglar-proof conversions or for the purchase of appropriately converted housing. Private owners of owner-occupied residential property and homeowners’ associations as well as housing cooperatives, developers and housing companies can apply via their principal bank.

 

What is there to consider in the funding measures?

A maximum of 50,000 euros per residential unit is eligible. Important: The loan must be applied for before the start of the remodeling project; subsequent financing of remodeling projects that have already begun is not possible.

Private owners or tenants who want to reduce barriers in their home and/ or outside and create more living comfort or purchase housing that has been converted to meet the needs of the elderly can alternatively apply for non-repayable grants from KfW’s “Barrier Reduction” 455-B funding program. Both loan and grant funding are age-independent. Young owners can therefore also make provisions for security in old age. You can submit an application if you want to invest at least 2,000 euros in measures. To ensure that as many people as possible can benefit from the program, the subsidy for eligible investment costs is limited to ten percent, i.e. a maximum of EUR 50,000 per residential unit is subsidized to the tune of EUR 5,000.

For the “age-appropriate house”, the subsidy for the eligible investment costs is 12.5 percent; the maximum subsidy here is 6,250 euros.

 

Apply for funding in time

Important: Apply as soon as possible! Past years show that federal stimulus funds are quickly depleted. 2021, nearly 45,000 grants were awarded with a total volume of 99 million euros. This year, it looked for a long time as if the traffic lights would not provide funds because of the cost of the Corona measures and the war in Ukraine. As recently as the end of June, 75 million euros in funding was approved for the continuation of KfW Program 455-B “Age-appropriate Conversion”. However, housing associations such as Wohnen im Eigentum had demanded 150 million euros.

In addition to KfW funding from the federal government, there are numerous other funding options for age-appropriate or barrier-free conversion. Numerous states and municipalities have their own funding programs. The statutory health insurance, the long-term care insurance and the social welfare offices also support conversion measures and aids. An overview of measures and cost units is provided by the specialist portal nullbarriere.de.

 

And if the subsidies are not enough to live well in old age?

Each case is different. Some people want to sell their single-family home to move into an age-appropriate apartment. Someone else just wants to sell part of their house so they don’t have to do as much work and secure financial benefits at the same time. There are various models of the so-called real estate annuity, which offers older people the opportunity to convert their house or apartment into a real estate annuity. The special thing about this is that you can stay in your property. With the real estate annuity, you benefit from an absolutely secure model of retirement financing, since the basis is a notarized purchase contract. In return, you receive an individual pension payment depending on the market value of the property, as well as the right to live in your own four walls for life. For further information on the subject of real estate annuity, please contact
here on our website

Do you have questions about real estate pension, real estate reconstruction, real estate sale or similar? Then contact us. We are happy to support you!