House renovations at 62?

by Peggy Reber
(Pittsburgh pa Allegheny)

I'm 62, retired, on ssi and an annuity, my 70 yr old husband has had dementia for about 2 years and emphysema for about 7 years, is on ssi, and pension.

We own a 70 year old home that needs more repairs -- 2 door replacements, possibly garage door replacement, house needs indoor painting.

Should we have theses things done, sell the place, or just wait until husband moves into nursing home, or passes away then sell???

Comments for House renovations at 62?

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I agree
by: Jennifer from New York

I agree with your other commenters...staying in your home is optimal and it is just about finding a way to do that.

I helped my Mom get a reverse mortgage and it was absolutely the right thing for her. She is able to do the things she needs to do to stay in her home with that money and get the benefit of all of her hard work now when she needs it.

We used a very personal and trusted consultant here www.thereversemortgageconsultant.com
My Experience
by: Nan/Phoenix

I can only tell you about my experience. I am a retired widow and I hope to stay in my 90 year old house as long as possible.

Since retirement I have had great pleasure in renovating and decorating when I have the funds. Painting, kitchen and bathroom: simple updates that will add some value to the house. I have a great handyman.

I will just have to take it day to day.
House renovations at 62?
by: Leigh

Under normal circumstances I would never assume to give advice, but since you're asking, these are my thoughts of what I would do in your situation...

It is really difficult to make too many radical changes with your husbands age and health. His security is his home and present lifestyle.

I would contact a realtor and have them give you some pointers on what is needed to make your house marketable without a dramatic expense (if it's a lot, you may need to just allow a price adjustment on selling).

I would repair as much as I could, one thing at a time to not create too much disruption. List all the obvious repairs then cosmetic and price each one out. At least put aside funds to make these repairs (check out costs, etc.) while you have both incomes.

You can always adjust your schedule and move things along sooner or later as needed, but at least you will have some idea what the costs will be and a plan of action.
renovations
by: Anonymous

I think that it would be wise to hire a private person with skills to do the renovations while you still have two incomes. It is easier to sell a house if it is already repaired/renovated. After which you can decide whether to sell it immediately or wait.

There are many nice retirement communities with nice apartments. Lots of downsizing - easier to do when you still have energy.

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