Yahoo Finance 6 Home Renovations to Consider Before Retirement
Many retirees dream of selling their homes before retirement, either to downsize or to move to a warmer climate. But what if you're planning to stay in your home during retirement? Paying off your mortgage before you retire can boost your cash flow in retirement. Some pre-retirement renovations can also help you to stay in your home longer. Here are seven home upgrades to consider:
[See: 10 Ways to Reduce Your Housing Costs in Retirement.]
1. Make your home accessible. Giving your home more accessibility can make it easier to remain in your home for decades to come. This could be as simple as replacing your doorknobs with door handles, which are easier for arthritic hands to turn. You could also add additional lighting to work areas, including your kitchen and bathroom vanities. More expensive upgrades include grab bars and lower toilets in the bathrooms as well as European-style walk-in showers that are big enough to accommodate a wheelchair. Sure, you may never need some of these upgrades, but they're best to have in place should they become necessary.
2. Add an income suite. With easy options for renting out space in your home, such as Airbnb, turning your home into an income property has never been easier. If you have the setup, consider turning your basement into a standalone apartment, which could bring in hundreds of dollars per month depending on rental rates in your area. If you don't have that kind of space, look at turning a guest bedroom and hallway bathroom into a suite that you can rent. Getting an income from your home could help you maintain a larger space during retirement.
[See: 50 Affordable Places to Buy a Retirement Home.]
3. Create comfortable guest space. Once the kids are out of the house, deciding what to do with the leftover space can be difficult. But if you plan to have your children, grandchildren and friends over to visit often, giving them comfortable guest space is important. It doesn't take much to turn a childhood bedroom into a guest retreat. Simply upgrading to a larger bed and investing in good linens may be enough for your space. Or you may choose to add an ensuite bathroom to a bedroom to make it more comfortable for long-term guests.
4. Upgrade the bath or kitchen. Of all the home remodeling options, upgrading a bath or kitchen is usually the one that gets you the most bang for your buck. Simply modernizing your finishes can give your room a whole new look. You may want to consider combining a kitchen and bath upgrade with handicap accessible options so that you can age more gracefully in your home.
5. Boost your energy efficiency. If you want to save money during retirement, consider ways to make your home more energy efficient. This could be as simple as adding in a few skylights so you use less artificial lighting during the day. Or you could go big by adding solar panels to your roof, if you live in an area conducive to solar energy. Other useful options include insulating the attic or adding insulation to your basement. If your home is older, consider blowing insulation into the walls. This can save you energy on heat and cooling without requiring you to tear off the plaster or sheetrock on your walls.
[See: 10 Places to Retire on a Social Security Budget.]
6. Add a home office. If you're thinking of working part-time from home in retirement, turn one of your spare bedrooms into a home office. This takes very little by way of renovation. You may just need to rearrange some furniture and add task lighting to an existing bedroom. If you have a bit more money in your budget, consider adding built-in shelving and a desk to one wall of your home office. This classy look is also an efficient way to organize your books and paperwork, so you can get started running your home business right away.
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