Hello World! Welcome Friends! Retirement is often the period of your life when you have time and money to do what you’ve always wanted. Some spend their retirement traveling the world or starting a new business from a lifelong passion project. For others, it is the perfect time to renovate and restyle their home. Once all your children have left home, you can renovate their old bedrooms into guest rooms or something a little more creative.
You can make your house look better during retirement, add value to your home and make it more accessible. Here are a few things to bear in mind if you want to renovate your home in retirement.
Plan the Renovation
Home renovations often don’t go entirely as planned. You might be met with a few unforeseen costs and multiple delays. Preparation can save you a lot of time, stress and money in the long run. Plan for the worst-case scenarios and make sure you have enough money to cover them. Prioritize the renovations you want to do the most, and schedule the rest for later in your retirement. You could do a loft conversion, kitchen renovation or add a modern twist to a few rooms. You can think as big or small as you like.
Budget
Work out your budget and leave a 20% buffer in case things don’t go to plan. Calculate how much the materials, labor and construction will cost in total. You could save money by asking family to help out or doing a little yourself. However, it’s often best to bring in professionals for major renovations to make sure it’s structurally sound. Save the DIY for paint jobs and interior design.
Worth the Cost
If you want to sell your home eventually, you need to think about the value of your home. Your home can only reach the maximum value of the street it is located on. Sometimes renovations can make your home worth more than you could ever sell it for.
Funding
Most people have access to their pension in retirement. However, you might want to reserve your pensions for everyday costs in retirement – like grocery shops, necessities and bills. You could apply for an equity release from your home to give you access to more useable funds in your retirement. Make sure your funding and budget are closely aligned, so you don’t end up overspending on your renovations. Leave some of your money for other retirement activities, like a holiday or luxury purchase. Everyone needs a treat from time to time.
Accessibility
It’s wise to think long-term with renovation projects. You could do home renovations that make your space more accessible for your retirement.
Take some time to think about how you want to spend your retirement before investing in a large renovation project.
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Toodles,
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