Victoria Home Renovations and Retirement: A Proven Process to Ease the Pain

Retirement, downsizing, enjoying the dream, Freedom 55 (okay maybe 65 or 75) – there are proven ways to make this stage of life more enjoyable through Outlook Project Management’s Proven Process

Thirty years ago, many recent retirees and empty nesters sold the family home, purchased a condominium or townhome and travelled. They enjoyed life in smaller, more manageable living spaces. For many people, this is no longer an option.

Due to cost and supply, Victoria is a challenging real estate market to be considering any kind of move.

Looking at a change in location; a change in lifestyle; or the option of staying and renovating to age in place is difficult. Is it best to sell and move on? Or maybe it’s time to make changes and update a current home. If the latter, there is much to consider: kitchens, bathrooms, flooring, etc. What rooms to spend on and what renovation strategies make the most sense?

What is your renovation motivation?

Maybe it is about bringing two or three families together or being in the middle of the sandwich generation – or on either side of it: it is no longer uncommon to see three generations sharing one home. But oftentimes a home built for a single family cannot serve multiple generations and renovations are needed. How best to navigate renovation discussions and prioritize projects? The conversation can be complex; all current needs must be considered as well as all future needs, all the while maintaining a peaceful living environment.

Consider the pros and cons of moving or staying

This can be difficult to assess. Outlook Project Management can help. We have been part of many discussions and projects that have started with this very question.

Consider independent versus strata living

People leaving single-detached homeownership for a strata environment must consider the reality of moving from controlling all aspects of their home and having the freedom to decide what they want to do with the space they own, in exchange for shared common areas and paying fees beyond regular monthly expenses to have others manage and care for shared space.

Consider moving costs

A home renovation can be expensive. Moving can also cost a lot of money once real estate commissions, closing fees, moving company, property transfer tax and, in some instances, GST, are factored in.

Does a home renovation or a new home make sense?

Outlook Project Management sees folksgoing in both directions: some renovating; others selling and moving to newhomes. We help people make the right decision when they encounter thiscrossroad. However, performing a cost-benefit analysis can be intimidating andconfusing. Inviting a qualified, third-party to be part of the evaluationprocess can help people reach a knowledgeable decision. Through our “ProvenProcess”, we can prioritize what is important now while taking the long view ofaging in place to make the best, most informed decision.