As we enter new life stages, our housing needs often evolve. For those over 55, particularly semi-retired or retired and self-funded individuals, the decision to renovate or move can be especially significant. Your home might be filled with memories and have served you well for decades, but it may no longer meet your needs or lifestyle. Before making a decision, it’s essential to consider the benefits and drawbacks of each option. With insights from B&S Nelson Building Services, here’s a guide to help you navigate this important choice.
WHY CONSIDER RENOVATING?
1. Aging in place
Renovating allows you to adapt your existing home to better suit your current and future needs. As we age, mobility can become a concern, and renovations can include features like installing a lift to easily access the upper floors, wider doorways, walk-in showers, or single-level living spaces to make life easier and safer.
2. Emotional attachment
Your home is more than just a building; it’s a place filled with memories. For many, the idea of leaving a home that has been the backdrop of so many life events is challenging. Renovating can help you stay connected to your past while making necessary updates for the future.
3. Cost-Effectiveness
In some cases, renovating can be more cost-effective than moving. If your home is in good structural condition, making targeted improvements can be less expensive than buying a new property, particularly when you factor in moving costs, stamp duty, and the often higher price of downsized homes. If you are wanting to get a clearer understanding of what it will cost you to build, consider engaging with our Start Smart service. This service provides you one-on-one time with our Head Builder, Steve Nelson, and will provide you with an accurate estimate of what your plans will cost to build. You can find out more about the service here.
4. Increasing property value
Well-planned renovations can significantly increase your home’s value, making it a more attractive option should you decide to sell in the future. This is especially true if you focus on high-impact areas like kitchens, bathrooms, and living spaces.
Why consider moving?
1. DOWNSIZING
As we age, the maintenance of a large home can become overwhelming. Moving to a smaller, more manageable property can reduce upkeep and free up time and resources to enjoy other activities, such as travel or hobbies.
2. Access to Amenities
Moving allows you to relocate to an area that better suits your lifestyle. This might mean moving closer to family, healthcare facilities, or community amenities. A new location could offer improved access to public transport, shopping, and recreational activities, which can enhance your quality of life.
3. A fresh start
Sometimes, a change of scenery is exactly what we need. Moving to a new home can be an opportunity to start fresh, perhaps in a place that better aligns with your current interests and needs. It’s also a chance to declutter and simplify your life, keeping only what’s truly important.
4. Financial flexibility
Selling your current home and moving to a smaller, less expensive property can release equity that you can use to fund your retirement, travel, or other pursuits. It may also allow you to invest in a new home that requires less maintenance and fewer renovations.
How B&S Nelson Building Services Can Help
If you are thinking of renovating, B&S Nelson Building Services understand the unique needs of those over 55. Our experienced and skilled team can work with you to design and execute a plan that enhances your home’s functionality, safety, and comfort while respecting your budget and timeline.
Ultimately, the decision to renovate or move is a personal one, influenced by your lifestyle, financial situation, and long-term goals. By carefully weighing the pros and cons of each option, you can make a choice that will allow you to enjoy your golden years to the fullest.
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