4 Crucial Home Repairs to Make Before Retiring

One of the most crucial parts of retirement planning is ensuring that any expensive repairs to your home are made before you stop working. By doing this, you can minimize your living expenses and make the money you've saved during your working years go further. Here are four crucial home repairs you should make before you retire.

Roof Replacement

If your roof is getting older, it's a good idea to completely replace it before you retire. A new roof put on at retirement will almost certainly last for the remainder of your time in the house. 

This step is especially important if some of the wood underneath the shingles needs to be replaced, as this can add quite a bit to the cost of a new roof.

Bathroom Updates

Updating your bathroom is a good way to add value and functionality to a home you've lived in for a long time. By updating your bathroom before you retire, you can fund the project with your regular income, rather than dipping into your savings for it. 

Having your bathroom updated shortly before you retire also gives you an opportunity to install handlebars and other safety features that you may need in the years to come.

Foundation Repair

A settling or bowing foundation can cause thousands of dollars in damage and undermine the structural integrity of your home. While foundation repair can be an intricate project, it's also very necessary if you're starting to see cracks or other signs of foundation damage. 

If you repair your foundation before retirement, you won't be stuck with even larger costs down the line.

Electrical Upgrades

If you're living in an older home, you may want to consider having it rewired before you retire. Older electrical systems aren't always capable of keeping up with the high power demands modern homeowners put on them. 

A new electrical system can also reduce the likelihood of electrical fires and damage, potentially saving you thousands of dollars down the road.

By making these repairs to your home before you retire, you can minimize the work you'll have to do after you stop receiving income from your job. 

While there will still be some upkeep costs for your home in retirement, getting the largest items taken care of now can give you a financial head start. Making repairs now will also benefit you when you eventually sell your home by increasing its market value.

4 Financial Benefits of Making Upgrades to Your Home before Selling

Home upgrades can definitely pay for themselves and then some when it comes time to sell. With a few caveats that will be discussed in a moment, kitchen and bathroom remodeling tend to have the highest return on investment whereas individual luxury appointments that homeowners are sometimes inclined to splurge on to make their homes more “glitzy” often prove ill-advised financially.

First Impressions Matter

Fixing the siding on your home, sprucing up the gutters, and investing in regular landscaping can dramatically improve your home’s resale value by enhancing its curb appeal and improving that all-important first impression.

Potential Buyers See Their New Home

The biggest mistake that homeowners can make when thinking about renovations for a resell is overthinking about themselves and not enough about the future homeowner. This lack of attention to what the next homeowner will likely want out of your home is reflected in a low return on investment for luxury upgrades and garage conversions.

The fact is that most homeowners actually want a place to park their cars in the wintertime. Garage conversions are truly double-edged swords in the sense that they do increase the square footage of a home, but they also eliminate the possibility of parking a car indoors when the temperatures drop.

Most people in the market for a new home prefer a regular garage and mid-grade renovations in the bathroom and kitchen. A marble floor or high-grade cabinets may have been what you’ve always dreamed about, but those high-end appointments are unlikely to be precise to the future buyer’s taste. 

Help prospective homeowners see their new home by sticking to mid-grade, fairly down-the-middle upgrades.

Kitchens and Bathrooms Are Very Important

Kitchens and bathrooms are significant to future homeowners. One brilliant piece of advice is to take a tour with your real estate agent to determine what kinds of appointments are in the homes for sale in your neighborhood.

This kind of survey will give you a good idea about what future homebuyers are comparing your home against. You’ll be able to make a more informed calculation in terms of weighing the costs of renovations against the likely return on investment. 

Anecdotally, real estate ads always seem to mention updated kitchens and bathrooms. You don’t still need to completely redo your bathroom or kitchen to see the increased value either. Something as simple as replacing the tile flooring can make a big difference.

The payoff of Fixing Roof

Getting your roof in sell condition is imperative because those in the home buying market often cite a leaky roof as grounds for considering another home. People searching for a home will be relieved to know they won’t have to be responsible for replacing the roof anytime soon.