It’s inevitable that your bathroom will need a makeover at some point. If you are a retired senior citizen, where do you get the funds? Financing a bathroom makeover may be your best bet.
The National Association of the Remodeling Industry estimates that a typical West Hartford Connecticut bathroom remodeling project costs $30,000. Despite this price, 31% of Americans told the Light Stream Home Improvement Survey that they were planning to remodel their bathroom this year. And with analysts from the Joint Center for Housing Studies at Harvard University predicting that homeowners aged 65 and over will account for a third of all home improvement sales by 2025, it’s clear to see that no matter the cost, seniors will do whatever it takes to enhance their property and boost their bathroom’s appeal. So how would one go about financing a bathroom makeover? Read on to obtain important information on financing a bathroom makeover.
The true cost of a new bathroom
63% of residential architects questioned in the American Institute of Architects’ (AIA) 2017 Home Design Trends Survey said that their customers wanted larger walk in showers. It’s not uncommon for senior citizens to fall in the bathroom. Consequently, this often contributes to them overhauling their bathroom, opting to replace their existing suite with a walk in shower and facilities which will aid them in the bathroom. However, a large walk in shower can cost as much as $2,300. On top of this cost, you need to factor in ripping out the existing shower or bath, installing a shower base and re-tiling, therefore, the cost soon adds up.
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Funding your bathroom remodel using your home
As a senior, a great way to cover the cost of your new bathroom is to release funds from your home. A reverse mortgage is a financial product just for the elderly. Providing you with cash that you can invest back into your property. An alternative option if you’re one of the 41% of homeowners aged 65 or over still paying off your mortgage is to cash out refinance your property. This allows you to refinance your mortgage and borrow a larger sum. This leaves you with spare cash to transform your bathroom into a safe haven that you’ll relish using again and again.
Utilize your savings on added extras
The Federal Reserve’s Survey of Consumer Finances reveals that seniors aged 65 to 74 typically have $10,000 worth of savings. Those aged 75 and over have $11,000 stashed away. This may not be anywhere close to the $30,000 required to remodel your bathroom. That being said, you’ll get a lot of added extras to really spruce up your new washroom for this amount. Smart technology is increasing in homes all over the country. Therefore, installing smart products in your bathroom is a wise move. As a senior, you can benefit from a self-flushing toilet that opens and closes on its own and which warms the seat up for you. Kohler’s smart bathroom range currently leads the market. A smart toilet comes in at $6,300 and a smart shower system costing $1059.70. It’s easy to see how the costs of a bathroom refit can spiral.
Understandably, remodeling a bathroom comes at a cost. Yet, many seniors aren’t willing to forgo their safety and the luxury that comes with a shiny new bathroom. Your home is a great way to free up some cash to allow you to complete your project. Furthermore, indulgent extras can be funded by your savings.
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