There has been an issue with the financial situation of adults that has become more acute over the last decade or so. Thanks to the rising cost of living, and inconsistency with the rise in wages, many people are finding that they have to choose between homeownership and investing in a pension for retirement. Of course, there will always be exceptions to this rule in the form of those who can afford to take care of both, but many are faced with a tough choice.

While there is an argument to be made for either decision, homeownership has an excellent benefit for allowing you to sell and downsize once you’ve paid off your mortgage as a means of paying for your retirement. This is what many millennials are working towards, but you need to add value to your property for it to pay off. Here’s a couple of ideas to help you along the way.

Starting Outside

You'd be surprised about the range of visible improvements you can make to your home that can have a positive effect on its value. Something as straightforward as fitting a new front door, or even painting it has the potential to improve the so-called "kerb appeal" of your home. Other things you can look at include resurfacing the driveway and generally keeping a well-maintained garden, though these will only be important when it comes to selling. 

Refitting the Bathrooms

Anyone who has had a bathroom refurbished in their home will know that going even a couple of days without a working toilet or shower is a huge pain. If you have more than one bathroom, this naturally won't present as big a problem if you have two bathrooms, but those without will often wait years between freshening these rooms up. If you invest the time and money into a nice new suite with improved shower and bath facilities, you will be in a stronger position to up your asking price in the long term.

A New Kitchen

People who work in real estate and property often like to refer to the kitchen as the beating heart of the home. It's an easy analogy to make as most of your day to day life will revolve around this room, and unsurprisingly, the state of the kitchen is one of the most significant indicators of the value of a property. There is an infinite number of changes you can make to your kitchen, so before visiting a showroom, it is vital you've done your preparation to ensure your specific needs are met.

Bedrooms and Living Areas

The number of bedrooms in a home will ultimately be one of the biggest factors in what the overall value of your home is, and how you manage and maintain these rooms will have a bearing on what your asking price will be. People like to envisage different rooms as offices, living rooms, or spare bedrooms, so it's important to accommodate the buyer's vision if you're planning renovations in the lead up to selling. If they can visualise themselves living in your home, they will be more likely to pay more.

There are so many little changes you can make to improve the value of your home. With a bit of research, you can work at a pace that suits you, and it will give you capital to help you enjoy your retirement.