Retirement age is not an age that’s set in stone for many people, with retirement plans hugely individual to the financial and professional circumstances of each household. According to recent data, the current average retirement age is 59 – but there are those that believe they were too quick to the draw.
In retirement, there are many ways to approach filling your time – but it is also important that your needs are met by your home. As such, retirement can be a good time to consider home renovations. But how might those renovations look?
Budgeting Your Improvements
Before we look at some of the ways in which you can approach home improvements during your retirement, it is first essential to consider the financial implications of such processes. Even if your improvements are limited to the renovation of a single room, budgeting is extremely important.
As a retiree, your financial resources are functionally finite; if your home improvement budget appears to require larger amounts of investment, you may need to give some time to finding additional sources.
Your property in and of itself likely represents your most valuable asset, meaning it could be worthwhile to investigate the suitability of equity release for funding your improvement projects. Alternatively, money could be sourced from other family members to fund certain quality-of-life changes – with your estate used as a route to redressing the balance.
Speaking of quality of life, one of the leading reasons you might be considering home improvement work is practical in nature. It is an unfortunate fact of life that the older we get, the harder it can get to perform simple functions and movements.
Mobility and disability aids are key to retaining independence even as physical health issues arise. Installing a stairlift can help keep upper floors accessible, while handrails in corridors and bathrooms can ensure all areas of the house are usable independently.
Colour schemes might seem arbitrary when it comes to home improvement work – and, cost-wise, they can be, with tins of paint and a few rollers costing very little in comparison to more hands-on renovation work.
But a fresh lick of paint can work wonders for the vitality of a space. Re-painting in neutral colours can make maintenance much simpler, and improve natural light in the process.
Energy efficiency has become a leading issue in recent years, as a combination of environmental concerns and rising energy costs make efficient homes all the more desirable for homeowners.
Ensuring that energy efficiency measures are employed in your home can help keep you warm and comfortable in colder months, and keep costs down otherwise – all the while, reducing your carbon footprint and allowing you to play your part in the green revolution.
Such measures can be as simple as swapping lights for LEDs, or as involved as replacing your central heating system altogether.
Lastly, the above measures all have their own merits – but if deployed in the right way and to the right standards, can add value to your property. This increases the value of your estate, or simply enables you to boost your profits should you decide to sell up and move in with family.