One can argue this question many different ways, and the answer will be different for every family. If you’re approaching empty-nest status, contemplating retirement or thinking of downsizing, you’ve got lots of choices. One of them is staying in your home and remodeling to meet your current and future needs. That remodeling task may be major or moderate, and it will include lots of soul-searching into the health and mobility needs of both you and your spouse.
The remodeling effort should include a first floor master bedroom and bath, an open floor plan, entry ways without steps, wide doorways and updated conveniences in kitchens and baths. The goal is to make retirement in that home easy and efficient, not difficult to navigate as you age. You want to reduce the chance of falls, increase the home’s safety and decrease the home’s maintenance.
Consider remodeling before retiring if …
…you don’t quite have the funds to cover a major remodeling job;
…you know you couldn’t tolerate being in the middle of a construction zone every day;
…retirement is still several years away, but you want to be prepared;
…there’s a possibility of a boomerang family situation – that is, your children and their family come back to live with you for a period of time.
Consider retiring before remodeling if…
…you want to supervise the remodeling process closely;
…you don’t mind getting up at the crack of dawn to let the contractor in;
…you’re handy yourself and want to share in the work;
…a three-month visit to your daughter’s home in Arizona coincides with the remodeling process, ut you can be back for the final walk-through;
…the nest egg for remodeling your dream home is complete.
Either way, retiring and remodeling can work hand-in-hand. Retirement gives you the chance to remodel and enjoy your surroundings, and remodeling gives you the chance to retire to your dream home.