Retirement is a special time in your life where you can put the early starts behind you and spend time doing what you’ve always wanted to do. For many people, retirement is the perfect time to renovate your home to improve your living space for this period in your life. It is also a good time as you are more likely to have the time, money and energy to manage the project compared to when you were working.
So, how can you go about getting started with a home renovation project?
Planning
First, you need to create a plan for the project. You should consider what your needs are, what you want to do with each space in the house and what renovation projects need to be done first.
Budget
Next, you need to work out how much you are able to afford. This may mean that you have to make a few changes to your plan, but it is better to change your plans than realise that you have massively gone over the budget halfway through the project.
Funding
Following on from this, you should consider funding options for your home renovation project. You may want to use your pension, but also it is not the best idea to spend a huge chunk of this at once as it will need to last you. This is why equity release is such a great option for home renovations, especially as you can use the money to add value to the property. This is a major financial decision, though, which is why you need to spend some time learning exactly how equity release works and considering if it is right for you.
Consider the Best Renovations
Following on from this, you should consider renovations that will both improve your quality of life as well as add value to the property. Loft or basement conversions and extensions are worthwhile as they can improve your living space and give you options for ways to use the space while also adding value to the property.
Future-Proofing
Additionally, you need to look into the future and consider your needs. Renovating the home in retirement should include improving your standard of living and making sure that you will be able to stay put as you age. This could involve having a wet room, downstairs bathroom and handrails. You might be in perfect health now, but it is important to plan ahead when it comes to renovating in retirement.
Hopefully, this post will help you to get the ball rolling on your home renovation project. Retirement is the perfect time to get started with home renovations as it allows you to make the most out of your home and you will have more time, money and energy to oversee the project.
