Page 10 - Your Home Your Way

10 THE BRANDON SUN • YOUR HOME YOUR WAY • THURSDAY, APRIL 29, 2021

Start early to get your house retirement-ready

BY LIZ WESTON wheelchair) are relatively low-
Many people want to re- cost upgrades, for example.
main in their homes after they Costlier changes include wid-
retire rather than move to a ening doorways and hallways,
senior living facility or com- adding a curbless shower, in-
munity. Unfortunately, most stalling non-slip flooring and
homes aren’t set up to help us creating a zero-step entry.
age safely and affordably. Ideally, your home would
If your goal is to “age in have just one level, but a home
place,” some advance prepa- with stairs can work if it has a
ration could help make that bedroom and full bath on the
possible — or point to better entry level. If that’s your sit-
alternatives. uation, you could focus your
“Somewhere in your 50s, renovations on making those
hopefully, you’re starting to spaces accessible rather than
think seriously about are you trying to remake your whole
going to be able to stay in house.
the house you’re in? Or are This April 2017 file photo provided by NerdWallet shows Liz Weston, a col- Sometimes there’s sim-
you going to need to make umnist for personal finance website NerdWallet.com. (NerdWallet via AP, File) ply too much that needs to
changes?” says DeDe Jones, a be done or your home has
certified financial planner in pliances can help. In sunnier isn’t ideal for many people, fi- features you can’t affordably
Denver. climates, solar panels can dra- nancial planners say. Few peo- modify. Even if you think you
CONSIDER WHAT YOU matically reduce your energy ple get much if any tax bene- can manage a bunch of stairs
fit from their mortgages, and or a home that’s far from your
costs.
NEED TO CHANGE Consider upkeep, as well. having to make the payments neighbours, your living situ-
Start by thinking about You might want to replace a can cause people to deplete ation could worry your loved
how you would live in your labour-intensive grass yard their retirement savings more ones, Jones notes.
home if you had less mobility, and planting beds with low- rapidly. “Moving might give you
less energy and potentially less er-maintenance landscaping. Planners say you shouldn’t the chance to live closer to
money. You could swap out siding prioritize paying off your your support system,” she
Unexpected expenses for that needs to be painted every mortgage over saving for re- says. “Makes it easier on them,
major home repairs or up- few years with a more durable tirement and for emergencies. makes it easier on you.”
grades were the most com- option, such as vinyl, fibre ce- And you probably shouldn’t Certified financial planner
monly reported financial ment or modified wood. De- take money from retirement Melissa Brennan of Plano,
shocks experienced by retir- cluttering can make your place funds to pay off a mortgage. Texas, says she and her hus-
ees, according to a 2015 study easier to navigate and to clean. But once you’re on track with band are at least a decade away
by the Society of Actuaries. your savings goals, you could from retirement and still have
Those big-ticket costs can be BUILD YOUR EQUITY make extra principal pay- two teenagers at home. But
devastating on a fixed income. You may still face big bills ments to pay down the loan they recently traded a two-sto-
The society recommends a or have trouble making ends more rapidly. You also can rey, four-bedroom, four-bath
home inspection before re- meet in retirement. In that avoid having a mortgage in re- home on an oversized lot for
tirement so you can identify case, your home’s equity could tirement by opting for short- a smaller, one-storey house
and budget for those costs. be helpful. You could access er loans when you refinance. with tiled floors and a wheel-
But you also could schedule your home’s value by selling If you’re 50, for example, chair-accessible bathroom.
some of the expensive stuff — it, using a reverse mortgage or you might choose a 15-year Brennan said they were
replacing a roof, for instance, getting a home equity line of loan over one that lasts 30 mindful of the problems their
or upgrading the heat and air credit. years. parents had navigating their
conditioning system — while But you can’t tap equity houses as they aged, and the
you’re still working. you don’t have. In 2016, 46 per ASSESS ACCESSIBILITY bigger house was already
Likewise, investments in cent of homeowners age 65 to Consider incorporating seeming like more of a burden
energy efficiency could help 79 still had mortgage debt, ac- accessibility features into any than a blessing.
you avoid big bills when cording to Harvard Universi- planned renovations. Grab “We don’t want to spend
you’re less able to afford them. ty’s Joint Center for Housing bars in bathrooms, lever-style the rest of our lives maintain-
Adding insulation, install- Studies. The median balance handles on doors and faucets, ing this ginormous house that
ing a smart thermostat and owed was $77,000. and rocker-style light switches we don’t need,” Brennan says.
choosing energy-efficient ap- A mortgage in retirement (preferably accessible from a » Associated Press