A good financial retirement plan should include planning as it relates to your living situation. If you are currently in a home that you would like to stay in post-retirement, it is important to look ahead and determine what renovations may need to happen. These considerations are important not only because you may need to make modifications to your home as you age, but also because your income typically drops during retirement making renovation expenses more challenging to manage.
Renovations to consider before you retire can range from updating old or out of date dÃ©cor or appliances to something much larger that requires months of planning and execution. domilya Group has helped families all over the Mississauga and Oakville renovate their home to help them comfortably move into retirement.
Based on our expertise, the following renovation projects are common options before retirement:
- Get Efficient. Regardless of whether you are staying or moving during retirement, boosting the energy efficiency of your home is a smart move. Adding insulation, upgrading air conditioners, furnaces and appliances are good places to start but if you want to think bigger, adding solar panels or skylights are options as well.
- Be Ready For Guests. Chances are that your children have long moved away from home so you may have several spaces that are no longer being used but havenâ€™t been updated in several years. You can create guest spaces by changing out the flooring, re-painting and putting in updated furniture (bigger beds for one!). If there is an option to add a bathroom attached to the guest space, this would be a great investment too. When your kids or grandkids come to stay (or other family members if you find yourself needing help), an adult guest space will make everyone feel more comfortable.
- Kitchen And Bathrooms. These are two renovation options that will add the most value to your home and help with resale. While a great contractor can help you maximize your budget, the price tag for kitchen and bathroom renovations can be high so getting them completed before you are living on retirement income is wise.
- If you want to stay in your home as long as possible, adding a bedroom and bathroom on the main floor, putting in accessible showers and bath tubs and lower toilets can make it much easier to remain in your home for many years to come.
- Income Generation. If you have the space, adding an income suite in the basement is a viable option that can bring in a substantial amount of money.
Making sure you get what you want and what you need to make your home work for you in your retirement requires a professional contractor when it comes to renovations. domilya Group is passionate and committed to working with home owners and ensuring they are satisfied with any renovation we complete. We offer transparent pricing and a one year warranty on all work completed. Contact us today to get a free estimate!