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Thread: Resale value of accessibility modifications

  1. #1
    Senior Member Lone Beagle's Avatar
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    Resale value of accessibility modifications

    Greetings all!

    I have seen some references to the value of modifications when a house is sold but am looking for specific examples to demonstrate the issue to the insurance company.

    With Florida Worker's Compensation the insurance company will modify one house for the injured worker. The theory is when the house is sold the value of the modifications will be paid to the seller then those funds will be used for accessibility on the new house. That is fine unless the seller puts their life on hold waiting for a buyer who needs exactly the same modifications as the seller. Of course if an AB buys the property a roll-in shower or accessible cabinet toe spaces have zero value or are even liabilities. So I am arguing that I should be entitled to some monies for accessibility modifications in the next house.

    Does anyone have specific examples that I might use to bolster my case with the insurance company?

    Thanks,
    John

  2. #2
    So to clarify... you have an accessible home to sell, and you want money from insurance to modify another? If yes, it sounds like an uphill battle.

    Where is the "next home?" If you're in Virginia, there's a (up to) $5000 tax credit you'd be eligible for, for certain accessibility modifications.

    Info (PDF): http://www.dhcd.virginia.gov/Housing...C_brochure.pdf

  3. #3
    Senior Member Lone Beagle's Avatar
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    Pretty much that is it Scott. I have found quite a bit of evidence that supports my theory. I will post more when I get the letter finished.

    Thanks for the link!

  4. #4
    Sure! PM me if you need any help; my wife (an OT) and I (a rec therapist) have a universal design & accessibility consulting business ~2hrs north of Christiansburg.

    If you're willing to put a little bit of work in to sell, you may be able to "un-adapt" your home without too much hassle, and be able to market the property as universally-designed instead of "handicap accessible" (as others would view it), which would broaden your scope of potential buyers.

    Another thought, you may be able to certify & market your current place as an "Easy Living Home," which is gaining popularity in Virginia – see elhomes.org

  5. #5
    Senior Member chris-k's Avatar
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    Quote Originally Posted by Lone Beagle View Post
    Of course if an AB buys the property a roll-in shower or accessible cabinet toe spaces have zero value or are even liabilities.
    Not a liability, but it doesn't really add to the value of the house either.

    In my area you can list your house as "WC accessible" in hopes that someone else can take advantage of the modifications, but in fact, anybody can buy it because the housing laws don't allow "discrimination". WTF! All the houses that aren't accessible discriminate against the disabled!

    Quote Originally Posted by Lone Beagle View Post
    Does anyone have specific examples that I might use to bolster my case with the insurance company?

    Thanks,
    John
    Good luck with that! I got a $500 grant for my ramp that cost about $5,000! Nothing for the modifications inside the house, like the bathroom. Of course that was in 1985, five years before the ADA was passed.

  6. #6
    Have you thought of getting a professional home evaluator - we got one years ago and he said he had to deduct $10 grand from value of our home as buyer would need to "undo" modifications we had made.

  7. #7
    Actually, when we sold my mother's home, our realtor told us that the existing ceiling track lift, roll in shower, and front door ramping were a liability and would depress the sale of the home. They advised removing these and putting the house back to the way it had been originally. We actually had plans to do this, but found a buyer (through the realtor) who was willing to make a decent offer on the home "as is", so we did not do that, and saved a lot of money. I think you will find it very difficult to be able to prove that for most accessible modifications that they would increase the value of the home...in fact the opposit is most likely to be the case.

    By the way, the VA provides money to service connected Veterans to modify their home for accessiblity (or add accessible features to a custom home), but this is a one-time grant. They will not do multiple homes, serial or otherwise. We always recommend that our SCI Veterans wait to apply for that money until they have determined where they plan to live long term, and definitely not spend it on their parent's home, for example, when they don't plan to live there for the rest of their life.

    (KLD)

  8. #8
    Senior Member zillazangel's Avatar
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    We too have been told that our accessible features are a negative on the value of the home.
    Wife of Chad (C4/5 since 1988), mom of a great teenager

  9. #9
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    Good to know for when I sell.

  10. #10
    Senior Member elarson's Avatar
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    Same in Holland about being a negative value.
    Partner of an incredible stroke survivor. Limitations: hemiparesis and neglect (functional paralysis and complete lack of awareness on one side). Equipment: TiLite ZRA 2 and 2GX, Spinergy ZX-1, RioMobility Firefly. Knowledge: relative newbie for high-level equipment (2012), but willing to try to help others who are new with similar limitations (definitely not a guru, but inquisitive).

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