If retirement is drawing ever closer, you most likely have thought long and hard about your current living situation. Is it best for you to stay in your home, yet orchestrate some important updates or renovations to make it more “senior friendly,” or would you be better off to leave it as is presently and sell? Ideally, you can answer this question by contemplating your plan for long-term living arrangement. If your plan is to move into a new home, or retirement facility, you shouldn’t waste money updating various elements of your home. Instead, ready it to sell by making general improvements that would be beneficial for all age demographics. If you have determined you want to stay put for the long haul, get ready to renovate your home to make it properly meet your current and future needs. Read on to learn more about how to answer this all-important question and other factors to consider:
- Is Your Current Home Ideally Located? As you age, you will be visiting the doctor more frequently and will also begin to lean on others, such as you adult children to help you complete various tasks. Is your current home conveniently located to all your doctors and your family? If not, moving to a more ideally located home might be wise, instead of renovating. You want to make it as easy as possible on adult children to help you out, so making sure you are close to them geographically is important.
- Is Your Home Too Much House? Most homes that housed a family are too large for a couple living alone. If your home has several empty rooms, lots of land to maintain or other features that require a great deal of upkeep, you might consider selling. Of course, many times, the house you raised your family in will be full of memories. If you don’t want your house to be sold out of the family, consider an out of the box solution like switching homes with an adult child, if they have less room. It often makes sense for the older couple, nearing retirement to take the startup type house of their adult child, in exchange for the large, sprawling family home with several beds and baths.
- Are There Updates That Would Make You Want to Stay? If your home is ideally located and it isn’t too much upkeep, you should ask yourself if there are specific renovations that will make your house safer, more comfortable, etc. For example, if you have never had a dishwasher this might be an easy upgrade. Also, if you don’t have a first-floor bathroom, or don’t have a walk-in shower, these are additional renovations/improvements to make your current home more suitable for your retirement years.
The bottom line is you don’t want to spend a great deal of money renovating a house that is too much for you to keep up as you age. If this is the case, or the location isn’t ideal, perhaps it’s too far out in the country where adult kids are a good way away, selling is likely your best option. However, no one can answer the question as to which option, renovating or selling, is better for you individually better than you can. However, it’s wise for you to consider the question, before your options become limited.