This year has presented a series of interesting investment opportunities, hasn’t it? And with all the interest around AI and cryptocurrency, one investment still rises above the hype: real estate. But there’s more to real estate than ‘flipping’ and when we interviewed Tom Cua of CUA Builders, the return on investing for renovating your own home became abundantly clear.
“With our aging population,” began Tom, “a house which offers any amount of compliant ADA improvements will be of far greater value to a family who needs them, as compared to a house that offers none.”
Tom’s firm is gearing up for a renovation of this kind in Upper Arlington. The aging couple has been there since the 80’s and are seeing the value of staying rather than the often-popular downsizing. “The gentleman is in a wheelchair, “Tom says. “And the lady of the house is interested in bringing the home as close as she can to ADA (American Disability Act) standards.”
Most of these changes are what you might expect for aging in place, like changing the living room into an owner’s suite and modifying the first-floor bath to accommodate mobility concerns. “To allow full access for a wheelchair, we’ll install a sink that’s open underneath and a shower without a curb below the door to allow rolling in and out freely.” Changes like these for accessibility can increase the value of a home just as well as — if not more than — non-accessible updates can.
But even the more aggressive updates that CUA Builders will do have an appeal that goes beyond the current owners’ interests. “As none of the three existing stairways are up to code, plans are to demolish and reframe them while granting access to the 2nd floor with chair lifts.” Said Tom. Showing that bringing things up to code is often a step toward preserving independence.
Even the other updates, like widening doorways and installing lockable swing doors on the first floor, provide a practicality that aligns with current home trends.
Building in independence isn’t too different from making more typical ‘flipping’ renovations. Both involve adding smarter layouts, long-term durability choices in materials, and updates that reduce future costs and stress. And sometimes, trends change to blur the lines even more: “Standard water closets (toilets),” Tom explains, “used to be 14- or 15-inches sitting height. Taller toilets at 17- to 19-inches were called “Disability height.” But when they changed the name of the taller toilet to “Comfort height” everyone wanted one and that height is all that gets installed now.”
And, Tom adds, “LVT (Luxury Vinyl Tile), LVP (Luxury Vinyl Plank), LVL (Laminated Veneer Lumber) all have made significant changes to flooring and framing.” He continues, “Electric Smart Switches can turn lights on and off from remote locations and geothermal HVAC systems generally offer a return on investment of 7 years regarding the amount of energy they save.”
Even the more ADA specific changes offer updates that future homeowners might find appealing, such as the home elevators that are on the market now. With home trends veering toward the whimsical, by the time you finally do move out, those kind of features might be just what the buyers are looking for.
But, whether you’re looking to move or stay put, making updates to your home with personal independence in mind — regardless what stage of life you’re in — will always be a good investment.
“The lifestyle return on this kind of investment is essentially freedom to decide on staying in place over being compelled to move to another location.” – Tom Cua, CUA Builders