Since our service area spans the Carolinas, a popular region for retirees, we sometimes work with clients who are trying to figure out whether or not it is actually worth it for them to renovate their homes during their golden years. This can be a complicated issue, and the answer is not the same for everyone.
There are, however, a few basic concepts you should know about if you are seriously considering a retirement remodel. These have been detailed for you below. By the time you are done reading, you should have a better grasp of how renovating during your retirement can affect you and you should know what to discuss with your contractor when you talk to him or her about potentially going ahead with your planned project.
Consider Property Value
In nearly all cases, renovations raise property values. For some retirees, this can be a good thing. For others, it may make no difference. Some of this depends on where your home is. If you reside in an upscale neighborhood where people have designer finishes and other high-end features, renovating could allow you to get more for your home when you eventually put it on the market. Or, if you intend to live in your current house for the rest of your life, it could allow your family members to earn more from it many years down the road.
If, however, your intended renovations will make your house the nicest one in your neighborhood by a long shot, you probably won’t reap much return on your investment. If this sounds like the scenario you are facing, you have to decide if the features you’re thinking about adding are worth the cost knowing you may never recoup it.
Evaluate Energy Usage
In today’s world, energy efficiency is important to most homeowners. People of all ages are actively trying to reduce their carbon footprints and use less energy overall. If your home currently has very old appliances or if you’ve found yourself paying high utility bills for the past year or two, renovating to make your house more energy efficient may very well be worthwhile. Not only will this increase resale value if you intend to sell in the relatively near future, but it will make your day-to-day life more comfortable and pleasant.
Furthermore, in some areas of the Carolinas, you may qualify for state tax credits or municipal incentives just for investing in energy saving appliances or insulation. Call your local City Hall to find out what rebates or grants may be available to you.
Think About Curb Appeal
In regard to renovations, curb appeal is most important if you want to put your home on the market soon. The better first impression your home makes, the more likely prospective buyers are to put an offer in. It bears pointing out that exterior remodeling projects don’t have to be major; even getting a new front door and painting your home’s trim can go a long way toward sprucing it up.
The Hatch Homes team is here for you whenever you are ready to discuss your possible remodeling job. For retirees, we often recommend focusing on areas that get the highest return on investment, such as kitchens, bathrooms, decks, and new windows. However, we want to make sure we give you everything you want, so just let us know what you’re thinking, and we’ll work with you to make it a reality!