The State Pension age is creeping upwards, and destined to reach 67 by 2028 – perhaps a disappointing outcome for some looking forward to their retirement, but also an opportunity to better plan for the raft of free time that comes with leaving full-time employment.
Retirement can be a time of upheaval, as some fundamental things change about the way you live. Renovating your home might be the last thing on your mind when you come to retire, but here are some key reasons to think about it being the first!
Accessibility and Comfort
One of the more important reasons you may have to renovate your home relates to accessibility and comfort in your home, especially for your later years. While you are likely in rude health at the time of your retirement, it can be important to prepare your home for future mobility issues or disabilities.
There is a range of options available, with simple additions like grab bars and wall handles making travel around the home easier, and more involved additions like wheelchair ramps and stairlifts improving access overall. Interventions like these can be costly, though, and eat into your savings very quickly; you could always consider equity release to cover some of the more significant expenses, and allow you to upgrade your home for comfort and utility without impacting your short-term finances.
Another important reason can be found in the matter of energy efficiency – something which has become increasingly important in recent years. Not only has the impact of the climate crisis become all the more apparent, but also the growing cost of fuel represents a serious ongoing expense, which could negatively impact retirement savings.
Energy efficiency measures tackle wasteful emissions and make the home more cost-efficient in one; cavity wall insulation is a popular and powerful option, while interior renovations can incorporate the installation of more efficient heating systems, or better insulation for warmer winters.
Passing the Time
An under-rated reason to renovate your home in retirement is for the simple pleasure of passing the time. You may have some experience renovating homes before, or you may have a passing interest in picking up a new, hands-on hobby. Either way, taking on your own renovations DIY can be a rewarding and meaningful way to spend time in retirement – especially if you’re having a hard time adjusting to the sheer amount of free time available to you.
Making an Investment
Lastly, there is value inherent to any home improvement project, whether it improves aesthetics or quality of life – but there is also a financial value attached, and one which could have a serious impact on the overall value of your property. Larger projects like extensions and loft conversions have the biggest effect, but any home improvement can act to increase the value of your home – strengthening your largest single investment in the process.