As baby boomers enter the retirement years, many ask about the pros and cons are of renovating their Nanaimo homes. While some love the idea of updating their kitchens or remodeling their bathrooms, they are concerned about doing so when their incomes might soon be limited and maintaining a solid savings account is becoming more important than ever.
Smart Financial Choices
Home renovations are costly, but they can be worthy investments for those who are near retirement age. This is especially true for seniors planning to age in place. Home renovations that lower long term maintenance costs, improve energy efficiency, increase accessibility for possible wheelchair access and implement safety features like grab bars and walk-in showers or tubs often equate to money well spent for individuals who plan to be in their homes for five years or longer. Popular Nanaimo renovations like remodeling the bathroom or kitchen can also increase property value, and that makes it easier for seniors to get top dollar for their properties if they need to sell in order to move to a senior living center or assisted living facility.
When Not to Renovate
Financial Considerations
If the funds are not immediately available to complete renovations in a senior’s Nanaimo home, it is important to strategically plan for any money that will be borrowed through bank loans or other means. Seniors should make sure that they will be comfortable with the repayment terms because the negative psychological impact of another bill can increase once regular paychecks stop coming in. There also needs to be a plan in place in case the senior can no longer make loan payments, or the only alternative left might be to sell the home. Whenever possible, seniors should consider working for a few more years rather than taking out loans if renovating their Nanaimo home is that important to them. Ideally, any Nanaimo home reno projects should be complete and paid for a year or two before retirement.
Making the decision to renovate a home is difficult at any age, but unique questions and concerns enter into the picture when you are nearing retirement. Think through your options carefully, make smart decisions about what and how to renovate and work with seasoned professionals who you can trust. At Alair Homes Nanaimo, it is always our goal to assist homeowners in making educated choices when it comes to whether or not to renovate their homes and how to proceed. We have assisted many seniors through this process and welcome the opportunity to work with you too. With each client, we maintain our commitment to honesty, transparency and cost effective, high-quality construction practices. To learn more, call us and request your free, no obligation consultation and estimate.
