6 Changes To Make To Your Home Before Going on a Fixed Income To Save Money

If retirement is just around the corner and you are considering making some changes to your home, then it might be time to look at what you can afford before a fixed income sets in.

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GOBankingRates reached out to some personal finance and home experts to inquire about the steps that people who will soon be on a fixed income in retirement should take to ensure that they will ultimately end up saving money on their homes, from getting inspections and repairing issues to avoid expensive bills to adding rooms that will increase resale value.

Here’s what they had to say about the changes to make to your home before going on a fixed income to save money .

Get a Home Inspection

“Before making any changes to your home, it is important to have a thorough inspection done by a professional,” said Darcy Turner, acquisition manager at Investor Home Buyers .

“This will help identify any potential issues that may need to be addressed before they become more expensive problems in the future,” Turner continued. “By doing this before going on a fixed income, you can avoid unexpected and costly bills down the line.”

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Repair Any Issues

“Once you have identified any potential issues through the home inspection, it is important to make necessary repairs as soon as possible,” Turner recommended.

Not only will this ensure that your home remains in good condition, but it can also save you money in the long run by avoiding larger, more expensive repairs.

“It is better to address these issues now while you have a steady income, rather than waiting until you are on a fixed income and potentially struggling to afford the necessary repairs,” Turner said.

Consider Adding Rooms

“If you have extra space in your home that is not being utilized, consider adding a new room or converting existing space into a functional room such as an office or rental unit,” Turner said.

This can not only increase the value of your home but also provide potential additional income streams in the future.

“Just make sure to do thorough research and budgeting before taking on any major renovations,” Turner said.

Focus On Energy Efficiency

“Making your home more energy efficient can greatly reduce your monthly expenses, especially when living on a fixed income,” Turner said.

“Upgrading to Energy Star appliances and sealing air leaks cut monthly utility costs 30%-50% for some clients,” shared Daniel Cabrera, the owner and founder of Sell My House Fast SA TX . “Replacing a 20-year-old HVAC unit reduced one bill from $500 to $300 each month.

“Consider investing in energy-saving appliances and making small changes such as replacing light bulbs with LED ones or installing a programmable thermostat,” he added. “Not only will this save you money, but it is also better for the environment.”

Prepare For the Future

As we grow older, our houses might not be as accessible to our needs as they once were, which is why it’s important to prepare now for the years ahead.

“Make accessibility upgrades like grab bars, lever handles and non-slip flooring,” Cabrera said. “These increase safety today and allow aging in place. Installing a stairlift gave one family peace of mind their home would meet needs for years.”

Downsize If Necessary

“If you anticipate struggling to afford the cost of maintaining a larger home on a fixed income, consider downsizing to a smaller and more affordable property,” Turner said.

This can greatly reduce your living expenses and allow you to save money without sacrificing your quality of life, according to Turner.

“Just make sure to carefully weigh all factors before making this decision,” Turner reminded anyone in this position.

Before Making Changes: Explore Financing Options

“If you do decide to make any major changes to your home, consider exploring financing options such as a home equity loan or line of credit,” Turner recommended. “This can help cover the upfront costs and allow you to pay back the loan gradually over time.”

Turner advised that anyone looking at financing options carefully review the terms and interest rates before committing to anything on paper.

This article originally appeared on GOBankingRates.com : 6 Changes To Make To Your Home Before Going on a Fixed Income To Save Money