Thursday, April 18, 2024

Types of Home Improvement Projects for Older Homeowners and How to Fund Them

As you get older and near retirement, you may have all kinds of goals and dreams you want to achieve. Perhaps you want to jump on a cruise or travel the world, or maybe you want to take up a new hobby that pushes you out of your comfort zone. Whatever the future holds, having a home that promotes peace, calm and relaxation is a must for your golden years. However, if your property is looking a little worse for wear, this may have an impact on your level of comfort. Because of this, it may be time to consider making some home improvements.

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Whether you want to boost your home’s kerb appeal, redo the kitchen, or update your living room, there are lots of projects you can tackle which will get your property up to your standards and ultimately, allow you to thoroughly enjoy your well-deserved retirement. Here are some of the most popular home improvements for older homeowners, as well as ways you can foot the bill.

Kitchen Renovation

If you consider yourself a foodie and love trying out new recipes, then chances are this is only going to continue. Unfortunately, some older homeowners don’t have the kitchen space or function to fulfil their culinary skills. If you have any mobility issues, you may find your existing kitchen simply isn’t practical or safe for you to cook in. Because of this, it’s easy to see why kitchen renovations are one of the most popular home improvement projects for older homeowners.

Whether you only want to update your kitchen cupboards, or you want to go further and install new countertops, a workstation, or buy new appliances, you need to make sure you’ve got the funds available to foot the bill. Some people turn to personal loans to cover the cost of a kitchen renovation. There is also the option to release equity from your property which can be put toward the project. If you are wondering, how much equity you release, you can turn to Retirement Solutions who can check whether you are eligible for equity release with their online eligibility checker.

Bathroom Renovation

The bathroom is the hub of the home for all things peace, calm and relaxation. There’s nothing that quite beats getting into a hot, steamy bath and sinking under the bubbles. However, as you get older, you may struggle to get in and out of the bath. With that in mind, a bathroom renovation is another popular project for older homeowners. The purpose of it is simple – to make the bathroom more accessible in your later years.

There are lots of changes you can make in the bathroom which can not only modernise your space but ensure it’s safe for all age groups. These include installing grab bars by the bath and shower and installing motion sensor lighting.

Loft Conversion

For those who have tons of loft space that is otherwise just collecting dust or housing clutter, you could create additional living space and consider a loft conversion. This could have the added benefit of helping to drive up the asking price if and when the time comes to putting your property up for sale.

Many older homeowners use a loft conversion to create an extra bedroom, games room, office space, or bathroom. Understandably, loft conversions don’t come cheap. In fact, they’re one of the more costly home improvement projects. Therefore, make sure you establish a budget before going any further. As the total cost can run into the tens of thousands, you may benefit from releasing equity from your property to finance the cost.

Building An Extension

If you don’t fancy tackling the loft but would like more living space in your home, why not consider building an extension? If you’ve got enough room to do so, your extension could be used as a dining space, extra bedroom, or a chill out zone for you and your loved ones.

There’s no doubt that adding an extension can boost your home’s resale value. An extension can also modernise your home and be tailored exactly to your needs and specifications. You may like the idea of adding a conservatory instead. This gives you somewhere warm and cosy where you can sit and look out into the garden. Like with loft conversions, extension projects don’t come cheap. Some of your options to fund one includes using a credit card, taking out a loan, or releasing equity from your property.

Garden Makeover

For older homeowners who enjoy nothing more than being outdoors and getting in touch with nature, you’ll naturally want to spend as much time as possible in your garden. If your outdoor space is looking a little dated or rundown, now is the time to whip it into shape. During the spring and summer months, having somewhere you can go and relax is important.

A garden makeover can totally transform your outdoor space for the better. There are lots of changes you can make that will yield brilliant results. These include adding patio or decking, adding flowers around your garden, or laying artificial grass. The latter is especially beneficial for older homeowners who struggle to mow the lawn.

New Roof

Your roof acts as the ultimate protector for your property. After all, it’s the one component that shields you and your loved ones from the different weather conditions. If you’ve lived in your home for decades, you should be checking your roof annually for wear and tear. This is because missing roof tiles can cause water leaks which can wreak havoc on your property’s interior.

If you’re nearing retirement, you may find it financially lucrative to replace your existing roof with a brand-new one. Those who plan to sell up will benefit enormously from this project. This is because a new roof will smarten up your home and make it look more appealing, as well as offer ultimate protection. Understandably, replacing a roof is no easy task. You will need to bring in professionals to carry out the work. To fund this project, you may be able to look at secured or unsecured loans as an option.

Boosting Kerb Appeal

Regardless of age, many still take great pride in how their property looks. This goes for the outside as well as what is behind the front door. Your home’s kerb appeal can say a lot about what’s on the interior, so now is the time to pay attention to it! There are lots of ways you can enhance your home’s kerb appeal. This includes refreshing your front door and tidying up the lawn.

You may decide this isn’t enough and go down the hole of installing a brand-new driveway. If you opt for this project, again, it won’t be cheap. Make sure to look at all your financing options before making your mind up.

There is an abundance of home improvement projects older homeowners can make which will not only boost your property’s aesthetic appeal but its value too. This means if you’re looking to downsize once you reach retirement, you could put your home on the market and make an excellent profit!

Whatever home improvements you decide on, just make sure you’ve got the funds by your side to cover the entire project.

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