You are in your retirement years and want to stay in your home for as long as possible. You love your neighbourhood, your neighbours, friends, family, and your favourite nearby shops.
The problem, however, is your home is in need of some improvements if you are to live happily and safely for the foreseeable future.
There are other options such as downsizing or moving to an assisted living facility but research shows that 85%-90% of retirees want to stay in their own homes.
Renovations can sometimes be inexpensive when compared to moving costs or monthly assisted living costs which in Canada average $2,100 per month. That number will likely be higher in areas like Greater Vancouver and Greater Toronto.
Important home improvements can help you to sustain and happier and safer time in your favourite place. We have put together a list of the top renovations to consider.
5 Home Improvements For Aging Retirees
Walk-in BathTub – these tubs can be helpful for anybody with mobility issues, not just seniors. They allow you to walk-in vs climbing over and into the tub which can result in injury from a fall.
Grab Bars – these bars are usually installed in the bathroom and give you a sturdy hold to pull yourself up or gently let yourself down while using the washroom or bathing area.
Door Handles – this one is often overlooked yet it is the simplest and cheapest retrofit. Switching around door knobs for lever-style handles will make it easier to open and close doors, especially if your hands are full.
Stair Lift – a great alternative to selling for a condo or rancher with no stairs. Stair-lifts are like a personal elevator that allows you to go up and down the stairs without the risk of falling.
Home Monitoring System – a monitoring system won’t help with mobility issues but it could give you and your family peace of mind when they aren’t around. Home monitoring systems are customizable and offer alarms and alerts for fire, police, carbon monoxide, and even life falls or accidents.
There are many other alterations you could make to your home as time goes on but these are a great start and also the simplest changes that provide the most value.
Hiring A Reputable Contractor
It’s important to research and to speak with a few contractors before making a final hiring decision. Ask your family, friends, or neighbours if they have any recommendations. You want to make sure that they are experienced in the renovations you are asking for. Ask if they have any warranties or guarantees.
Home Improvement Grants
Did you know that the BC Government currently (2019) offers Home Improvement Grants and Tax Credits for seniors?
Click here for full details on the Home Improvement Assistance Programs.
Home Improvement Financing
Grants and government assisted loans are a great place to start to help fund your home renovations. If additional money is still required, you may need a traditional mortgage or Home Equity Line Of Credit.
A Reverse Mortgage, however, requires zero monthly payments. This means that you can complete the necessary changes to your home without impacting your monthly income.
Here is a great article comparing a Home Equity Line of Credit to a Reverse Mortgage.
Please contact us today with any questions at 604.334.8993 or Toll-Free at 877.464.1106 or by email at info@goatmortgages.ca.
