Planning for retirement is a multi-faceted process with various factors to take into account – as well as the necessary financial and emotional preparation, it’s essential that you ensure your home will be suitable for your changing needs and lifestyle as you enter retirement. While renovating your property for retirement may be a practical necessity for you as you need more support and comfort, it’s also a great opportunity to have fun, get creative, and spruce up your living space.
Why renovate in retirement?
If you want to spend your retirement living in your existing home, you may need to renovate the property to accommodate your new lifestyle as a retiree. While this is mainly due to the natural effects of aging (such as decreased mobility), you may also decide to renovate because of new priorities – why keep a home office when you could convert it into a downstairs bedroom or games room? Retirement is a great time to achieve your dream home renovation because you’ll have plenty of spare time; renovating your home is also a great way to add value to your property if you’re thinking of selling and moving on to greener pastures.
How to fund home renovation?
When planning any renovation works, it’s essential that you thoroughly assess your finances (including all current incomings and outgoings) and plan a sensible budget accordingly. While equity releases are commonly used for home renovation funding, they may also be useful to dip into any personal savings you’ve accumulated over the years.
Budgeting your renovation
Before starting the project, it is a good idea to create a budget for your home renovations, giving you an idea of the total cost you are likely to spend and a number to stick to. You should decide which renovations you are going ahead with and research the average cost of these renovations. Make sure when using contractors for home renovation work, get quotes for your work from around 3 different companies, ensuring you are getting the best rate, and a fair price. Leave some room in your budget for unexpected costs as it is often likely that hidden costs can crop up, so be prepared for this.
What renovations are best for retirement?
The most suitable renovation for your property will depend on the layout of your home. When planning the renovation, try to focus your attention on functional rooms where you spend the most time, such as the bathroom, kitchen, and bedroom. Make sure that you have the necessary funds to pay for any renovations and try to prioritize the most important jobs first, especially if you’re on a tight budget. You’ll have plenty of time to complete a full home renovation, so don’t rush and remember to take one step at a time! Also Read – The Importance of Having A Lumbar Support Seat Cushion for Chair
What renovations add the most value?
While the majority of home renovations will increase the value of your property, it’s best to focus on the most potentially profitable jobs if you’re renovating your home to sell: typical home renovations that generate the most re-sale value include loft conversions where you can convert a previously unused room into a functioning bedroom, kitchen renovations to give the kitchen a modern facelift, bedroom renovations, conservatory extensions and the creation of new rooms in the home. Often, if you can extend your home and add an extra bedroom while doing so, this will help to boost the property value the most due to the extra bedroom on the house listing when sold.
The most common renovations for retirement include measures taken to counteract the inevitable effects of decreased mobility in old age, such as: installing stairlifts and handrails to make traveling up and down stairs easier, lowering countertops, knocking through walls, and re-arranging the order and function of individual rooms. While renovating your home you could also install an accessible bathroom to make it easier for you to use the washroom.
Whether you decide to renovate your home to be enjoyed during your retirement, to pass the home onto your children and keep it in the family, or to boost the value of the property and increase the sale, renovating your home in retirement can be a fun project to take on and allows you to make the most of your property by creating the perfect space for you.