Those who are recently retired tend to fall into two very distinct camps. There are some who want to put their feet up, relax and revel in taking it easy after a lifetime of working for a living. Then there are others who see it as a chance to get on with all the things they never had a chance to do before.
That could be traveling, taking care of the grandchildren or pursuing a new hobby. It could even be undertaking a home renovation project. But what are the benefits of doing this later in life? How can you pay for it? And how can you make sure you’re dealing with reputable tradespeople? Read on to find out more.
What are the benefits of renovating your home during retirement?
One of the advantages of taking on such a project at this juncture is that you have more time on your hands. Without having to fit everything in around your work schedule, you can devote your full attention to your plans and getting the right people in to help you.
Work of this nature can also help to increase the value of your property, which will act as a welcome boost when you come to sell or pass the home on to your loved ones.
How can you fund a home renovation?
If you don’t have a huge amount in savings or in your pension pot, you could look to finance your project via an equity release mortgage. Equity release allows homeowners of 55 or over to gain tax-free access to the money tied up in their property. As with any financial product, it’s important you do your research and weigh up the pros and cons carefully before you decide if this is the right option for you.
What are some common examples of renovation projects?
It may be that as you approach the later years of your life you want to make some adaptations to make your home more accessible. This could include the installation of a stairlift, a downstairs bathroom, or a ramp-up to the front door. Alternatively, you might be looking to create some extra space by adding a conservatory or freshening things up with a revamped kitchen.
What do you need to consider before getting the work done?
Unless you were fully qualified yourself, you’ll need to call in professional help. That can be quite a daunting prospect, with so many to choose from plus the fear of potentially getting ripped off. But there are sites that allow you to search for recommended tradespeople – so you can put your mind at ease and enjoy the fruits of your retirement renovation to the full.