Living in old age
As people get older, their expectations of their own home change. A large multi-storey house with a garden can become a burden, while a barrier-free apartment in the city brings a new quality of life. This guide shows how property owners can plan ahead: Convert or move? Sell or annuitize? – so that you can live comfortably and securely in old age.
Adapt your home: Barrier-free remodeling
Many senior citizens want to stay in their familiar four walls for as long as possible. This can often be made possible by converting the apartment or house to make it age-appropriate. Typical measures for accessibility are
- Installation of a stair lift or ramp if stairs become an obstacle.
- Conversion of the bathroom: level-access shower, grab rails, non-slip tiles and raised toilet.
- Widening of doors and corridors (wheelchair-accessible) and removal of door thresholds.
- Improvement of lighting and installation of automatic lights in corridors.
- Installation of modern assistance systems (e.g. automatic stove switch-off, emergency call system).
Such conversions significantly increase safety and comfort. Tip: There is financial support for barrier-reducing measures. The KfW Bank and care insurance companies offer funding programs and grants (“age-appropriate conversions”) that you should definitely take advantage of. Before you convert, seek expert advice on which measures are feasible and sensible for your property.
Moving to an apartment suitable for senior citizens
Sometimes a renovation is not enough or is too costly – then moving may be the better solution. But when is the right time to give up the old property? There may be signs that climbing stairs, cleaning the house or tending the garden are becoming a daily challenge. A move to an
A retirement home should be barrier-free or low barrier: If possible, everything on one level, wide doors and corridors (also for rollators/wheelchairs), non-slip floors. An elevator in the building is a must from the second floor upwards. The location is just as important: shopping facilities, doctors, pharmacies and public transport should be within walking distance. Many older people also want social connections.
If you are still very sprightly, it may also make sense to swap into a smaller condominium. The sale of the previous (larger) house can often finance the purchase of the new age-appropriate apartment – and there is money left over for retirement. As the example of many of our customers shows, senior citizens gain a new zest for life and independence by taking such a step.
Assisted living and senior residence
If the need for support increases (e.g. due to the need for care), assisted living is an option. This involves renting or buying a barrier-free apartment in a complex where basic services (home emergency call, reception service, organized leisure activities) and, if necessary, outpatient care are available. You continue to live privately, but have help at hand if necessary.
Senior residences offer comfortable living with an upscale ambience – often including spacious apartments, a wellness area and restaurant service. They are usually expensive and are charged at a flat rate. Pay attention to which services are included in the price and whether you are paying for services that you are not (yet) using. Terms such as “Residence” or “Stift” are not legally protected – check the actual offer carefully.
Using real estate assets: Sale or annuitization?
In old age, your house is both your home and your capital. Many senior citizens have a large part of their assets tied up in their property. There are various ways to make use of these real estate assets in old age:
- Sell your property and live smaller: If the family home becomes too big, you can sell it and move into a smaller apartment. The proceeds from the sale will secure your financial future and you will reduce maintenance costs and expenses. Important: Plan the sale in good time before health constraints arise. You can also agree a usufruct or a right of residence for a transitional period.
- Real estate annuity (life annuity): With a real estate annuity, you sell your home and retain a lifelong right of residence that is secured in the land register. Instead of the full purchase price, you usually receive a monthly life annuity and a one-off payment. This model is suitable if you want to stay in your home and have additional income in old age. The amount of the annuity depends on the value of the property and your age.
- Partial rental or division: Some senior citizens decide to rent out unused rooms (e.g. granny apartment) or divide the house into two separate residential units(real division). This may allow them to stay in one unit and sell or rent out the other to generate income. In addition to the structural suitability of the house, some administrative work is required here.
Which path is the right one depends on your wishes, your health situation and your finances. Get comprehensive advice, both from a real estate, legal and tax perspective.
Conclusion: Living in old age means setting the course in good time. Whether you adapt your home or downsize – the aim is always to achieve
Would you like to optimize your living situation for old age? We can support you! Whether you are selling your property, buying an accessible apartment or retiring – contact us for individual advice and suitable solutions.
FAQ – Frequently asked questions about living in old age
Whether a conversion makes sense depends on your property and your needs. If your home is structurally suitable and emotionally important to you, measures such as a stair lift or bathroom conversion can create a great deal of accessibility. However, if the house is large, multi-storey, high-maintenance and remote, it may make more sense to move to a barrier-free apartment with a better infrastructure. High maintenance costs also often speak in favor of a move. An expert can help with the decision.
An age-appropriate apartment is barrier-free or low-barrier: all rooms are on one level, there are wide doors, a threshold-free bathroom with grab rails and non-slip floors. The location is also important – doctors, shopping facilities and public transport should be easily accessible. Common rooms often promote social contact.
With property annuities, owners sell their home but retain a lifelong right of residence and receive monthly annuity payments instead of a full purchase price. Life annuities are particularly common, sometimes with a one-off payment. The amount depends on age and property value. This model is suitable for owners without heirs or with liquidity requirements in old age.
Yes, there are subsidies – for example from the KfW (“Altergerecht Umbauen”) and the care insurance funds (up to €4,000 for a care degree). State and local authorities also offer programs for barrier-free conversions. Important: usually apply for funding before construction begins. Housing advice centers or specialist companies can help with the selection.
Senior residences offer barrier-free apartments, comprehensive services and often also nursing care – ideal for anyone who wants to live independently but would like to be relieved. The costs are high, and you often pay for services that are not used. Important: Compare facilities and try out living there if necessary.
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