Home renovation is a powerful way to add value to a property – and as such, it’s something that’s pursued by homeowners of all ages. But it’s especially popular when we reach 55. At this age, the kids may well have moved out, and it’s an opportunity to revamp things in preparation for a new chapter.
Why not move instead?
For those who have lived in the same property for decades, it might have considerable sentimental value. Making a switch to a new one might therefore be viewed as a trip too far. If you’ve got friends and family in the vicinity, then having them involved in your life might be something you really value.
On top of these sentimental concerns, there’s the actual cost of moving, both legally and practically. The money spent on this can be put toward renovation – or perhaps even an entire new extension!
Equity release is a popular way of funding changes to a home. In the wake of the coronavirus, this option isn’t quite as popular as it was, as older homeowners are starting to focus more on helping family, and paying off their debt. Given the likelihood of economic hardship coming in the wake of the pandemic, this instinct is understandable. A report from Key Advice suggests a 9% drop in the number of customers who’ve sought to release equity, year on year.
What changes are most popular?
Of all the rooms in the modern home, the kitchen is the one that provides the greatest wow-factor. High-value appliances and countertops can make a considerable difference to quality of life, especially if you’re planning on doing a lot of cooking as you head for retirement. Kitchen and dining areas can be brought together to form continuous spaces – and the effects can be dramatic!
Similarly, a new bathroom can make the experience that little bit more luxurious. You might not be thinking about things like walk-in baths – but you might have a better idea of the things that you’d like to include in your bathroom. A downstairs wet-room might be especially worthwhile if have an outdoor hobby, and you don’t want to trample dirt through the home.
Many older homeowners who’ve children have recently moved out have begun to use spare bedrooms for other purposes. A home office makes the process of working from home considerably more productive, and less stressful.
If you’re looking to remain active, then a home gym might provide a means of doing so every day. You can expect to spend anywhere from a few hundred to tens of thousands in equipment – the figure will depend to a large extent on the kind of exercise you’ll be doing at home.