If you’re only just thinking of retirement, you’re still in your prime.
Now could be a perfect time to make sure that the home you’ve worked hard for will keep you comfortable through your golden years, so why not start renovating? In the following guide, we’ve outlined everything you should know about renovating with retirement in mind.
Why should you renovate before retirement?
During retirement, it’s likely that you’ll start to spend more time in your home. Of course, you might be travelling for extended periods of time too – but you’ll always need a comfortable base to return to.
For this reason, you’ll want to make sure that your home is the most comfortable living space possible. By renovating, you’ll not only additional features within your home, but renovatingshould also significantly increase the value of your property.
In 2021 alone, the UK property market saw a 10.9% rise in average property value – with consumers spending over £110bn on home improvements.
How should you plan a retirement renovation?
You’ll need to think carefully about which home improvements will make the best impact to you and your home. Take a look around your house as it is now: deciding which rooms need attention and which ones need replacing entirely could be a good place to start.
We’d also recommend keeping the following aspects in mind:
If you live across multiple levels, mobility should always be considered. For example, if you’re using an attic bedroom, moving your sleeping space down a floor or two could prove an invaluable long-term decision.
Unfortunately, it’s no secret that vulnerable people can be targets of theft and anti-social behaviour. If you’re renovating with retirement in mind, make sure to think about relevant home security features like sturdy gates, high quality locks, and home alarm systems.
Above all, you should only renovate your home if you think it’s likely to add to your enjoyment of living in it. Extravagant kitchen conversions and garden projects make an exciting prospect butmight not be a sensible investment if they won’t get much use.
How should you budget for renovation?
Home renovations can be costly, depending on the work you undertake. Consider your budget for the project and this will give you an idea of your potential.
If you’re aged over 55 and you’re still waiting to receive your pension, you could use equity release to use funds from your home in supporting the cost of renovation.This is a popular solution, but you’ll still need to plan your budget carefully – regardless of the financing solutions you choose.
Is it easy to find contractors?
Much of the work undertaken will require professionals and contractors.
Ensure that you research genuine reviews of companies. In the planning stages, you could gather quotes from multiple companies using a helpful online resource.
Try to get a good referral from a friend or family member that has recently had work done. Above all, it’s important to get a fair price for this major investment to keep the process as stress-free as possible.
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