Santa Cruz Real Estate Blog

Ways to Make Aging-in-Place Upgrades that Won't Impact Home Value

It is not uncommon for homeowners to want to remain in their homes as they enter into their golden years. In some cases, this may require some home renovations or adjustments to make the home more easily accessible. But special renovations like these can make the home more difficult to sell should you ever decide you would like to because the home is full of items that would be useful to a small set of potential buyers.Ways to Make Aging-in-Place Upgrades that Won't Impact Home Value

There is a way that you can make your home ready for aging in place without taking away from its value or appeal of it. Here are some aging-in-place adjustments that can be made to a home that will help it to retain its value or may make it even more valuable and appealing.

Temporary Ramps and Railings

Sticking with temporary ramps and railings as opposed to permanently affixed ones is a much better and more cost-effective way to go. In the event of selling the home they can be easily removed. You can even rent one of these for a short period of time for less than the cost to purchase. Adding landscaping and shrubs to partially obscure the fixture will help to enhance aesthetics as well.

Choose to Utilize Only One Floor

Instead of installing an expensive stair lift to upper floors that will have to be removed by new homeowners that will not need it, consider putting the investment towards addition to the home that will increase its value or simply adjusting the way you use your home to use just one floor of the home for most of your daily needs.

Adding a first-floor master suite will allow you to have one-level living while adding a significant amount of value to the home as opposed to deterring...

Exemption from Reassessment Retained for Rebuilt Property Destroyed by Disaster up to 120% of Value of Original

In a Governor-declared disaster an exemption from reassessment will be retained for reconstructed improvements which are comparable to the improvement replaced if similar in size, utility, and function and within 120% of value of original property.

This law allows owners of property substantially damaged or destroyed in a Governor-declared disaster to reconstruct comparable improvements onsite with a return to the former improvement's base year value.  While existing law effectively allows this in a form of a new construction exclusion, this law adds a new provision specific to post-disaster reconstruction following a Governor-recognized event and allows a more generous comparability definition.  Specifically, it defines the term "comparable" using the same 120% definistion used when a victim of a major disaster decides to reconstruct replacement property on site of the damaged property.  Under this definition, reconstructed improvements will be found comparable to the improvement replaced if similar in size, utility, and function and withing 120% of value.  This law applies to real property damaged or destroyed by misfortune or calamity on or after January 1, 2017.

Assembly Bill 2013 is codified as Tax and Revenue Section 70.5. Effective January 1, 2021.

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