Which home improvements are really worth it for retirees?

Discover how much value these popular home improvements could add to your property

Written in line with our editorial policy.

As you approach retirement, making strategic home improvements can help you achieve a higher value for your home should you decide to sell up and move.

On the other hand, if you are set on staying where you are, some investment before or during retirement could help you enjoy your home more in the years ahead. In this article, we discuss some key upgrades that can make a significant impact.

Adding an extra bedroom

For retirees, adding an extra bedroom can be a game-changer, whether you plan to sell your home or enjoy it yourself. Converting an unused space like a loft or basement into a bedroom not only potentially increases your property’s value but also enhances its functionality. This added room could serve as a guest room for visiting family or friends, offering comfort and convenience. 

Additionally, having an extra bedroom provides flexibility—whether it’s for a live-in caregiver in the future or a potential home office. For those nearing retirement, the added space can also improve accessibility, allowing you to rearrange living spaces to better suit your needs as mobility changes.

Is it worth it? According to an article by the Express, adding an extra bedroom can increase a property’s value by 15%, equating to an additional £43,189 based on the current UK average house price of £287,924 (Land Registry UK House Price Index June 2024). 

Open plan living

Creating an open-plan living space by removing walls can dramatically improve your home’s layout, making it more accessible and easier to navigate. This could be a welcome change if mobility becomes a concern with age. The increased natural light and airflow can also make your home feel brighter and more inviting, which can enhance your overall wellbeing. 

Open-plan living areas also allow for greater interaction during family gatherings, enabling you to stay connected with loved ones. For those considering selling their home, this modern layout is highly appealing to buyers who enjoy hosting for family and friends.

Is it worth it? Opening your home up by removing an internal wall is said to cost around £1,500 – but could boost your home’s value by almost £4,000, according to data from property expert Henry Pryor, as reported by MSN.com.

Building a conservatory

Whilst it’s a more expensive adaptation to your home, the real value of a conservatory lies in the added comfort and quality of life it can provide, especially for retirees. Imagine spending sunny afternoons reading, enjoying a few drinks with friends, growing some beautiful indoor plants or simply relaxing in a warm, light-filled space. 

If you plan to stay in your home for a few years post-installation, the daily enjoyment could outweigh the costs. At the same time, many buyers consider a conservatory essential, so adding one could make your home more appealing if you do decide to sell. 

Is it worth it? Installing a conservatory might not yield a significant profit when selling your home, as the average build cost of £9,250 adds just under £8,000 to your property’s value, according to Henry Pryor. But if you’re keeping your home for a few more years, it could end up being worth every penny to you on those warm summer days.

Energy-efficient improvements

Investing in energy-efficient home improvements like double glazing, new insulation or a modern boiler offers numerous benefits, particularly for retirees. These upgrades can make your home more comfortable by maintaining a consistent temperature, reducing drafts and lowering your energy bills—freeing up more of your income for other retirement activities. 

Additionally, energy-efficient homes are easier to maintain, requiring less upkeep and fewer repairs over time. These improvements also contribute to a quieter living environment by reducing outside noise. For those looking to sell one day, having an energy efficient home is certain to enhance your property’s appeal, making it more attractive to potential buyers.

Is it worth it? Installing a new energy efficient boiler is an effective way to cut bills and attract buyers looking for a modern energy system. Henry Pryor says that the average cost of a new boiler sits at around £1,750, but the installation could add almost £10,000 to the value of your home. 

Create off-street parking

Adding off-street parking is more than just a practical improvement; it enhances both security and accessibility for retirees. Not only does it reduce the hassle of finding a parking spot, but it also makes it easier to access your home, especially if mobility issues arise. 

This can be particularly beneficial for those with physical limitations, as it allows for easier loading and unloading of groceries, mobility aids and luggage. Off-street parking also provides peace of mind, knowing your vehicle is parked in a safe and convenient location. For those in urban areas, this feature is highly sought after and can significantly boost your home’s value.

Is it worth it? The average drive conversion is said to cost £4,570, but your home’s value could increase by £6,000, Henry Pryor says. You’ll also never have to worry about the neighbours stealing your spot outside the house again!

Kitchen and bathroom upgrades

Upgrading your kitchen and bathroom can significantly improve your day-to-day comfort and accessibility as you approach retirement. Modernising these spaces with features like easy-to-use fixtures, non-slip flooring and improved lighting can make daily tasks more manageable and safer. 

In the kitchen, consider installing lower countertops or pull-out shelves to make cooking easier. In the bathroom, walk-in showers or grab bars can enhance safety and convenience. These upgrades not only make your home more liveable but also increase its market value.

Is it worth it? You might think that putting in a sparkly new bathroom will boost your home’s value by a fair bit, but sadly that isn’t the case. Installing a new suite will set you back around £3,800 on average, Henry Pryor says. But it increases a home’s value by just £2,452. That said, you may find it easier to sell your home if your bathroom isn’t 20+ years old.

Enhance outdoor living spaces

Creating or enhancing outdoor living spaces can greatly improve your quality of life in retirement. A well-designed garden or patio area offers a peaceful retreat where you can relax, entertain or engage in light physical activity.

Features like raised garden beds, comfortable seating or a shaded area can make the outdoors more accessible and enjoyable. Additionally, an attractive outdoor space can be a significant selling point, adding curb appeal and increasing your home’s overall value.

Is it worth it? Garden makeovers are not cheap, with the average cost coming in at £7,500 according to Henry Pryor. However, doing it yourself or with some help from a local gardener could cost much less and still make a huge difference. Cut back overgrown trees and shrubs, weed the garden, put some flowering plants in and paint your fencing and you’ll make a super first impression with buyers.

The benefit of adding more value to your home in retirement

For retirees looking to sell or downsize, these home improvements can make your property more attractive in a competitive market and achieve a higher asking price. 

Prioritising upgrades like energy efficiency, extra living space and modernised kitchens or bathrooms can make your property more appealing, increase its value and ensure you get the most out of your investment.

Thinking about unlocking some of your property wealth?

If you are set on staying in your property but still wish to upgrade it, equity release could be a solution. This form of lending is available to over 55s and lets you borrow money without having to make regular repayments. Instead, the loan and accrued interest are repaid through the sale of your home when you pass away or move into long-term care.

To find out more, call our friendly team on 0808 178 3055 and we’ll arrange a no-obligation appointment with one of our selected advisers. They can check your eligibility and look for the best equity release rates from leading providers. 

You’ll never be under any pressure to go ahead with a plan. This is simply your opportunity to have all your questions answered and find out how much you could unlock.

If you’re unable to talk now, request a call back and we’ll call when it’s convenient to you. You can also get a quick estimate of how much money you could unlock from your home with our free equity release calculators.

Sources

Adding an extra bedroom can increase a property’s value by 15%: ‘Smart investment’ could add £180k to the value of your property. The Express. Accessed 15 August 2024.

Current UK average house price in June 2024 is £287,924: House Price Statistics. Land Registry. Accessed 15 June 2024.

Henry Pryor research into home improvements: Money-savvy home improvements. MSN.com. Accessed 15 June 2024.

About Clare Yates. With over a decade’s experience writing about later life financial planning, Clare offers a wealth of knowledge about equity release, pension annuities, wills, LPAs and more. When she isn’t writing, Clare likes to spend her time baking and going on walks with her husband, two children and their rescue dog. Follow Clare on LinkedIn