Boston North Shore home improvements are often planned and made by senior homeowners and many of them make mistakes by not considering their future needs. As homeowners get older they should carefully consider remodeling and renovating their homes. Mistakes may lead to financial challenges as the homeowners reach retirement age or beyond.
Boston North Shore Home Improvements: The Four “No-No’s”
1. Renovating, Remodeling and Relocating.
Some homeowners in their late 40s and 50s buy or build huge houses and then take on extensive remodeling projects in the critical years prior to retirement. When they decide to retire they often elect to downsize, move to a different neighborhood, sell their home for a condo requiring little or no maintenance of yard work, or moving out of town to a warmer climate or to be closer to their children and grandchildren.
If they’ve spent a large amount of money on Boston North Shore home improvements, they often discover they are unable to sell their home for an amount sufficient to recoup their investment. The lesson learned the hard way? Don’t spend money on remodels or renovations without knowing what your future plans for the house may be. If you plan to stay in the home for life, home improvements can be a good idea. If you plan to move within a few years, put your remodeling plans on the back burner and save your money for your new home.
2. Neglecting Future Needs.
We all think we’ll be in relatively good health for a long time. However, statistics show that seniors run a higher risk of having a condition that may limit their physical mobility and comfort. Neglecting the possibility of a future need based on a health problem or shortcoming can end up costing senior homeowners a considerable amount of money. Industry experts encourage seniors to consider features such as first floor bedrooms and full bathrooms, no-step home entranceways and no steps between rooms in the home. Furthermore, Boston North Shore home improvements, when planned, should include open floor plans and wider spaces such as hallways or doorways wide enough to accommodate a wheelchair or a walker. Other considerations may include multilevel kitchen countertops that are wheelchair accessible, appliances that are easy to reach and laundry rooms near the master bedroom, enabling seniors convenient access to washing clothes and linens.
3. Borrowing Money to Remodel.
As with any Boston North Shore home improvements, it’s always best to obtain cost estimates to ensure the project is affordable and worthwhile. For senior homeowners the financial overview is critically important. Seniors approaching retirement age or those living on a fixed income should think long and hard before they borrow money to pay for a remodel. Adding another monthly obligation to an already-strained budget should be avoided.
4. Paying for Renovations From Retirement Funds.
Some seniors assume that their retirement nest egg, dividends and investment income will be more than sufficient in their golden years. For some, it may be. For others, it won’t be. So paying for Boston North Shore home improvements from a retirement account may negatively impact available liquidity for the remainder of your — or your surviving spouse’s — life.
Financial experts recommend only paying for home renovations if you have more than enough assets and cash to comfortably do so while planning for potential medical bills or other emergencies. Remember, seniors either out of the workforce or soon to be retired have limited options of earning additional money to replace cash that might be spent on renovations.
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