After having put in a lifetime of hard work, you might look forward to spending your retirement turning your property into something that you can really feel at home in.
Renovation is something that can be as major or minor as you like – and you can adapt your strategy to suit your tastes and circumstances.
If you’re going to get the most from your renovations, then it’s critical that you take the time to plan every step of the way.
Work out your priorities, and work out what skilled labour you’re going to need to bring in to make them come to life.
If you’re planning extensive renovations, then it’s worth having tradespeople you can rely on.
Accessibility and Use
If you’re just coming up to retirement now, then you might not be thinking about quality of life features for several decades further down the line.
For some, however, the addition of handrails and other support structures can be invaluable.
When you’re drawing up your plan for retirement renovation, you might find that you’re limited by the pool of cash available.
You might resort to borrowing to cover this gap, or you might reign back your ambitions a little bit.
One popular means of freeing up liquidity is through equity release, with millions of British retirees using it each year.
After all, if the wealth is available, it might as well be channeled into something you can actually use!
If you’re thinking of selling the home further down the line, then it’s worth thinking about which renovations are going to yield the greatest return on the investment.
Let’s look at a few standout candidates:
Converting the cellar
If there’s a big empty space at the foot of the building which isn’t doing anything except storing washers and driers, then it might be time to freshen it up with a coat of paint and some dusting.
You might even use yours as a place to store wine, or potentially a space that you can use as a home gym.
Split a House into Flats
Splitting a single building into multiple enclosed spaces can make it vastly more profitable for would-be landlords.
If the structure of the house lends it to conversion, then why not make the changes?
This can be a great way to bring in extra weekly income and can also allow the property to pay for itself.
Convert the garage
Much like cellars, garages are largely wasted space. Turn yours into an art studio, a gym or an extra living space.
This addition of an extra room to the home can be used in the specifications when selling the home, helping to increase square footage and value.
Extend the kitchen
The kitchen is among the most appealing rooms in any given property.
Enlarging it via an extension may therefore make the property markedly more desirable and give you the ability to increase the asking price.
Convert the loft
The loft is often a fantastic candidate for an additional bedroom. With the help of a few skylights and some insulation, it can make an incredible living space.
Make sure when converting the loft you consider factors such as insulation, as the loft is significantly less insulated than the rest of your home so this will need to be added.