Congratulations - you’ve finally retired. After decades of hard work, it’s time to relax and enjoy the fruits of your labor.
But there’s just one problem: your child moved five states away and started a family of their own. And your limited fixed income doesn't enable you to visit them often or pay for their trips.
So, what’s the solution?
There is a trend of young adults moving back to their parent's home and vice versa. It is a good way to save money and be close. However, it's too close for some people.
For most people, the best solution is something in between - close but not together. But this way implies a considerable investment.
However, there might be a way to solve two problems simultaneously - be closer to your family and protect your financial future.
Keep reading if you’re ready to be closer to family without draining your savings. You’ll learn how to turn this retirement adventure into a smart financial move.
The Big Idea
Here’s the idea: what if you could flip your current situation, literally? There are three steps involved:
Sell your home for top dollar by making simple, high-ROI (return on investment) improvements.
Buy a fixer-upper near your children.
Invest wisely in affordable renovations to create a home you love. You might even get a profit out of this.
It might sound like a big adventure — but it doesn’t have to be risky if you plan it right.
We will walk you through:
The most affordable home repairs that increase your home's value before you sell.
What to look for in a fixer-upper so you don't overspend on repairs.
Simple, Low-Cost Fixes to Boost Your Home's Value Before Listing It
Painting and cleaning
Home appraisal professionals, realtors, and contractors all agree - painting your home(inside and out) is the repair with the best investment-return ratio. If your home is recently painted, make sure to powerwash its exterior and thoroughly clean the interior.
Curb appeal
First impressions matter, no matter what some people say. After painting or washing the home exterior, check the driveway and the lawn. Fix bold patches and areas with yellow grass. If you have bushes and trees that look sick or dying, take them out. Your house needs to promise a good, happy life to the family moving in, so everything must be lively, cheerful, and full of life.
Check your driveway and parking lot. If there are cracks or damaged areas, call an asphalt paving contractor. If it's not damaged, powerwash it so that it looks newer.
Small repairs
Ensure that the doors (especially the front door) work perfectly - so no squeaking, and the door handle and keylock should work without a glitch. Replace faucets and fixtures if they are old. If you have a shower curtain, put a new one - even if the old one is barely used.
Address potential objections
This might be a bit costlier, so you should evaluate the investment-return value for your home. The goal is to counter buyer objections before they arise. For instance, if your home faces a busy street, you might say, “Yes, but we’ve installed triple-glazed windows to reduce noise.” Every home has flaws, but addressing them upfront makes your home more appealing and can lead to a faster, higher sale.
Things to Avoid: Improving Beyond Your Neighborhood’s Limits
If the average home in your neighborhood is worth $200,000, don’t spend $40,000 on a kitchen renovation. Home improvements should match the neighborhood's market value. Remember - value Is determined by buyers, not sellers. Just because you spend $40,000 on a kitchen doesn’t mean you’ll get $40,000 back. Focus on understated, cost-effective improvements with broad appeal.
How to Choose a Fixer-Upper That Won’t Drain Your Savings
Have you been paying attention so far? Just read all the things we've covered and do reverse engineering. So, the important thing is to focus on the bones of the house, not the surface details.
Don’t be swayed by old paint, old fixtures, or an unkempt lawn… those are easy, affordable fixes. For example, if the lawn looks bad but it's in an area where lush grass is difficult to maintain, consider it an opportunity to switch to low-maintenance landscaping.
Shift your focus from looks to logic - prioritize major systems like the foundation, wiring, plumbing, and roof. Hire a home inspector who can help you spot hidden problems that could (and almost certainly will) become costly repairs later.
Are You Ready to Move?
With some adventurous spirit, patience, and smart planning, you could achieve the best of both worlds - retirement close to your children and grandchildren and enough savings left over to enjoy a more comfortable lifestyle. Remember, it doesn’t have to be a risky adventure if you plan it right.
