I'm 63 With an Aging House That Needs Repairs, but I Might Want to Move to a Retirement Community. Is It Worth Making Those Fixes?

An older man in an historic town paints his house, with careful attention to detail, while standing on a ladder. — (Image credit: Getty Images)

Question: I'm 63 with an aging house that needs repairs, but I might eventually want to move to a retirement community. Is it worth making those fixes?

Answer: There can be benefits to staying in the home you know and love in retirement — the familiarity of the neighborhood, the ability to stick to an established routine and the quirks of your house that you’ve mastered by now, like that one closet door that always sticks.

But dealing with an aging home can become increasingly difficult as you age.

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In a study (PDF) by The Hartford Center for Mature Market Excellence and the MIT AgeLab, 59% of homeowners age 50 and older reported that home maintenance has become more challenging for them over time. That percentage rose to 69% for those age 70 and older.

Moving to a retirement community could help alleviate the burden of home maintenance. You might find that other than some light dusting and reorganizing, you’re spending minimal time on cleaning and upkeep, and more time doing the things you’d rather be doing.

If you’re 63, you may be eying a senior living community a few years down the line. But what if you’re living in an aging house that needs repairs now? Should you invest the money for the sake of your comfort in the next few years? Or are you better off putting off those repairs, hoping for the best and reserving your money for a big move down the line?

Your comfort and safety need to come first

When you’re gearing up to make a move, it makes sense that you wouldn’t want to sink money into your current home. But Ben Mizes, real estate agent and president at Clever Real Estate, says that despite your plans to move, your near-term safety must come first, as well as your comfort.

“If the repairs will change what makes a home uncomfortable or unsafe to live in on a day-to-day basis … they’re worth doing, even if you’re moving in a few years,” he says. “Think of these as investments not in your net worth, but in peace of mind.”

Mizes says that any repairs related to electrical systems or plumbing should generally be prioritized. Any unstable flooring should be addressed, too, as it poses a safety hazard.

Alexei Morgado, Realtor, CEO and founder at Lexawise, agrees.

“You must differentiate between repairs that establish functionality and comfort vs aesthetic repairs,” he says. “I personally think it is well worth it to put money into what we term as ‘comfort and safety improvements,’ such as handrails, step-free access or adequate lighting.”

Morgado also insists that any repair that preserves the value of the property is generally worth making. If you neglect an essential repair, not only might your own safety and comfort suffer, but you might end up tackling those issues before selling your home in a few years anyway. You might as well make them at a time when they can benefit you, too.

Distinguish between repairs and upgrades

It’s one thing to fix things in your home that aren’t functioning the way they should. It’s another to make improvements to your home when you’re not planning to stick around for long.

Mizes says that if you’re moving in a few years, you probably want to avoid cosmetic upgrades such as new kitchen countertops because your likelihood of recouping your investment is pretty low.

The Journal of Light Construction's most recent Cost vs Value Report shows that many so-called desirable upgrades don't necessarily pay for themselves in terms of resale value. A midrange bathroom remodel, for example, will only allow the typical homeowner to recoup 80% of their investment at resale. A basement remodel typically results in 71% of the cost being recouped at resale.

Mizes says that if you’re going to make actual improvements in this situation, rather than just repairs, you should focus on those that are functional — such things as bathroom accessibility.

Additionally, as Mizes points out, buyers often prefer to make cosmetic changes to suit their personal tastes. If you’re thinking of moving in a few years, now’s not the time to spend on cosmetic changes, since you won’t get to enjoy them very long.

Finally, Mizes says, you don’t want to be too stubborn about avoiding repairs, thinking you’ll just make that your buyer’s problem when you sell. If there are too many obvious issues with your home, it could make it difficult to attract a buyer.

What you save by not making repairs, you might lose in the form of a lower sale price or concession.

“A $10,000 roof replacement can help you avoid a $20,000 to $30,000 discount to a buyer later down the line,” Mizes explains. That way, you get to benefit from that repair for however much longer you do decide to stay in your home.

Maurie Backman is a freelance contributor to Kiplinger. She has over a decade of experience writing about financial topics, including retirement, investing, Social Security, and real estate. She has written for USA Today, U.S. News & World Report, and Bankrate. She studied creative writing and finance at Binghamton University and merged the two disciplines to help empower consumers to make smart financial planning decisions.