Should Retirees Remodel or Relocate?

The decision on whether to renovate or relocate in retirement can be complex and emotional. A recent report revealed that as people edge towards retirement age, the more they value the emotional connection to their home rather than the financial value.

After meeting with remodeling experts, architects, real estate pros, and financial advisors, these remodeling guidelines should be considered:

  • Think about how long you plan to stay in the home and spend the money that’s comfortable to continue to enjoy living there.
  • Consider the potential consequences of the remodeling plan, so remodelers don’t have to go back and fix previous jobs.
  • Talk to a local real estate professional who knows the neighborhood and can advise on features that are currently in demand for potential buyers.
  • Focus on features that will improve the curb appeal and the overall value of the home.

Source: “Renovation vs. Relocation in Retirement,” The New York Times (April, 10, 2015) and “Most Americans Want to Move in Retirement,” REALTOR® Magazine Daily News (April 3, 2015)