Age-appropriate renovation enables older people to continue to live independently at home. You should think about an age-appropriate renovation at an early stage. The cost of the age-appropriate renovation is partly supported by the state. But there are also other ways to remodel your home in an age-appropriate manner. In this article, we will tell you how you can make provisions in good time. Property owners in particular can benefit from particularly favorable conditions.
How can you finance the age-appropriate renovation?
Desires and requirements for age-appropriate living vary from case to case, but they still have one goal: to lead a self-determined life for as long as possible despite decreasing physical abilities. That is why the house or apartment must be adapted to people's needs. In addition to threshold-free bathrooms, there is no trip hazard in the house as well as a spacious room layout. The measures are diverse but also costly. But there is financial support with cheap loans or government aid. If you own a home, the measures can be financed with a modernization loan. This is a purpose-tied installment loan. Thus, the homeowner can get a cheaper interest rate. Particularly attractive is the fact that with a loan amount of up to 60,000 euros, no loan debt has to be entered in the land register .
Convert rented apartment barrier-free
In general, all structural arrangements that a tenant would like to make in his apartment must have the consent of his landlord. Even if, for example, the installation of a modern shower improves the quality of living, the decision ultimately rests with the landlord. According to Section 554 a of the German Civil Code (BGB), the landlord must agree to a renovation if this is necessary. The tenant should know that age-appropriate renovations not only apply to the living space, but also to access to the basement. The disadvantage, however, is that when the tenant moves out, the landlord can demand a fee-based dismantling. The approval should be set in writing, as it is also used for submission to the long-term care insurance fund. It should be noted that a conversion, such as the installation of a stairlift, can be refused.
Subsidy from the long-term care insurance fund for age-appropriate living
People with care level can receive a grant so that they can remodel in an age-appropriate manner. The maximum grant is 4,000 euros. If several people live in the household, there is a maximum of 16,000 euros per measure. In order to receive the grant, a cost estimate must be sent to the care insurance. It makes sense to send pictures of the planned measure. The long-term care insurance fund then decides whether the grant is approved or not. This means that once the measures have been completed, the craftsman's invoice will be sent to the care fund. The approval for the conversion does not have to be awaited here. Nevertheless, it is recommended to apply for this grant before starting work. 1
Is there government funding for the renovation?
For those who want to renovate in a way that is appropriate to their age, funding is available, such as the low-interest loan from KfW (KfW loan 159). But you can also apply for a subsidy for the renovation costs (KfW investment subsidy 455-B).
With the KfW loan, the borrower can take out a so-called annuity loan with the following conditions:
- the maximum loan amount is 50,000 euros, regardless of the age of the borrower
- the effective annual interest rate is around 0.78%
- a term of four to 20 years can be selected
- possibly up to five grace-free years
The investment grant with which the costs for the age-appropriate renovation can be paid does not have to be repaid. However, and this is important, the renovation work may only be carried out by a specialist company.
Anyone interested in the KfW loan 159 should also know that the loan is not paid out directly to the builder. The entire process is handled by a financing partner. This can be the house bank, for example. 2
This is how it works with the financing for the renovation measures
If someone owns their own home, not only can they redesign everything according to their wishes and needs, but it is also an opportunity for the elderly. With the age-appropriate renovation, they secure their independence and can stay longer in their familiar surroundings. Of course, it only makes sense if you can still take care of yourself here. Otherwise, a nursing home may be a better choice. The cost of the conversion depends of course on the measures. In addition to a loan of up to 60,000 euros, without which the loan debt has to be entered in the land register, homeowners benefit from special conditions. There can also be a grant of up to 6,250 euros. Those with a care level can not only receive grants of 4,000 euros, but also subsidies.
If, on the other hand, you live in a rented apartment, you need the consent of the landlord in order to carry out the age-appropriate renovation. The landlord can also request that the work be carried out by a specialist company. Under certain circumstances, at the end of the rental period, the landlord can demand that the renovation be reversed. In general, the tenant needs the landlord's permission for all structural changes in the apartment.
1 Adaptation of living space: This is what the long-term care insurance pays (as of: 27.08.2020)
2 Age-appropriate renovation - loan 159 from the KFW