Best Budget Splurges for Retiree Homeowners
Many seniors and retiree homeowners in the Tampa Bay area live on a fixed income, which means you need to make every dollar count. Home updates and remodels can be costly, but they can also be a wise investment adding value to your home. You might have extra money thanks to a tax refund, or perhaps you have been saving up for a special project. When preparing a budget as a retiree, be sure to consider which splurges will bring a return on your investment.
6 Budget-Minded Home Updates for Seniors in 2020
As your professional real estate team, it is our goal to help seniors not only buy and sell homes, but to also provide tips for making the right investments as homeowners.
- Big Budget Splurges ($1,000+ and up): Whether you are a retiree with a big house or small condominium, you can bring new life to any home by updating the interior. If you’ve been a good little saver, a great investment could be new wood floors, tiling, or perhaps new granite countertops, which all remain popular as we enter into the new decade. Upgrades to make your home safer are also a good idea for seniors. Consider a walk-in bathtub or other remodeling solutions depending on your mobility and budget.
- Appliance Upgrades ($300+ and up): Consider new appliances (washers, dryers, dishwashers, etc.) that are rated energy-efficient according to government standards. Studies show that energy-efficient home values are on the rise. An efficient home can actually lower utility costs, which is a big plus for a retiree on a fixed monthly budget.
- Noticeable Updates ($100+ and up): Change you home’s vibe for a modest amount of money. Consider updating ceiling fans and lighting fixtures to more modern styles. Enhanced lighting may also make your home safer to prevent falls. A new backsplash in your kitchen or bath could be an affordable way to bring in stylish elements like granite or marble. Also, decorative wood molding could add sophistication to spaces. On average, it costs $4 to $8 per linear foot for a professional to install wood molding.
- Refreshed Hardware ($50+ and up): A retiree on a tighter budget can make noticeable upgrades without breaking the bank. Consider updating your door-handles, cabinet knobs, or hinges for a fresh new look. Another great investment is to upgrade the faucets in your kitchen or bathroom. The new decade has brought brand new 2020 styles that could make your home feel totally in vogue. If you have a resale in mind, however, avoid anything too gaudy or trendy. For safety, also consider adding mounted grab bars near the toilet and shower areas to prevent risks.
- Cosmetic Changes ($25+ and up): For the price of one can of paint, you could be making major improvements around your home. Simply add a bright white coat to your doors and baseboards for a vibrant update. With a few extra cans, you could completely redecorate with a new shade on the walls. In addition to re-painting walls and doors, consider re-painting your kitchen cabinets, as the refaced-cabinet look remains popular.
- Simple Accents ($10+ and up): Let’s not forget the power of updated accents, such as throw pillows, candles, bright table clothes, and other décor. We have let our customers know that Pantone named “Classic Blue” its color of the year for 2020. Soft warm colors like coral are also on-trend this year. If you’d like help with interior design or remodeling, our real estate team would be happy to connect you with a local interior designer.