Should you make renovations to your home? It’s one of the questions homeowners who are nearing retirement face. If you’re in your 50s, the desire to age in a safe yet comfortable and affordable home could get more compelling.
Like everyone else, you’re probably thinking about whether you’ll recoup the cost of renovating. But at the same time, you need to consider appreciating property values and the potential rewards that home renovation brings. Besides enjoying safety and comfort, you can tap into higher home equity when needed or bring in a substantial sum should you decide to sell.
The flip side is, mortgage costs can eat into your income and retirement fund without a methodical approach. You must have a sound financial plan if you want to make home renovation a key part of your retirement strategies. But equipping yourself with the home renovations that are worth investing in before you retire is a good place to start.
Upgrade The Kitchen
The kitchen deserves most of your attention when it comes to renovating. Although the modifications will largely depend on your needs, accessibility and practicality are significant factors to take into account. You have to ensure that the kitchen is simple and easy to access, especially if you’re living alone or are in a wheelchair.
Paying attention to kitchen storage and spaces gives you easy-to-open drawers and cupboards. Lowering counters and adding pull-out shelves can also make your kitchen spacious and improve accessibility. Other valuable kitchen upgrades may include giving new life to lighting and flooring.
Note that these might cost you a substantial amount. But the kitchen is a major deciding factor for buyers in case you’re planning to sell and once it is renovated, the recoverable amount at resale can go upwards of 75%.
Modify The Bathrooms
Having a functional bathroom is important if you plan to retire in your home. But most bathrooms are not designed with long-term safety in mind. As you age, remember that balance and mobility are critical factors to consider. When it comes to modifying the bathrooms for retirement, maximizing their space by preventing slips and falls, and redesigning the floor plan for better accessibility are of utmost importance.
A comfortable and secure bathing experience won’t only help you age more gracefully in your home. It can also give you a high return on investment if you want to sell it. Like the kitchen, bathrooms are major focal points for buyer’s decision-making.
Install Smart-Home Technology
Outfitting your home with modern technology is one way to make it more convenient and healthful for you. This could be as simple as installing air purifiers and humidifiers to improve indoor air quality. With smart-home technology, you can also automate multiple operations with simple commands. Smart devices can make almost everything easier from communicating with loved ones to managing home security and adjusting your heating and lighting.
Making your home energy efficient is also crucial if you want to save money during retirement. Smart-home technology would help you achieve that. By using smart apps, you can monitor and take control of your appliances and energy usage.
Update The Yard
Keeping your yard as low-maintenance as possible is an important part of home renovation. It’s always best to prepare for the physical limitations that come with aging. With the possibility of less energy available for yard work, taking steps now to create a low-maintenance yard will pay off once you retire. Doing so could also help you save a large amount on water and energy bills as you enter upon your retirement years.
Natural grass lawns are costly and difficult to maintain. If you want to spend more time on more pleasurable pursuits than maintaining your yard during your retirement, laying artificial grass would be an excellent solution. It’s an easy-care option yet keeps your yard green and pristine.
Design A Home Office
Retirement is a major transition that can trigger stress and anxiety if you’re not prepared for it. But designing an office in your home can be beneficial as you move into your retirement years. Perhaps, you’re thinking about working part-time before you retire fully. A home office can serve as your personal creative space for projects, hobbies, paperwork, or financial matters.
This could be done by simply rearranging some furniture and putting on task lighting to your spare bedroom. You can also add built-in shelving and desk if you have the budget for it.
If you’re considering aging in place, planning for home renovations early before you retire is an excellent move. Remember that you would need funds to finance such renovations. While you can get home improvement loans and home equity loans, you would not also want to be burdened with unmanageable mortgage repayments during your retirement. To prevent that from happening, it’s best to get financial service for retirement before making any decisions that may impact your long-term finances.