Home is an important part of life, even more so in retirement. As you spend less time at work, your home becomes even more significant as a place of rest and play. However, more time spent at home means more energy usage and rising bills. For those on lower retirement incomes, this can limit your financial freedom to explore other opportunities like travel or new hobbies.
Home improvements may seem like a large investment, but with options like equity release available, you may be able to improve your standard of living through lowering your bills and freeing up more disposable income. So, what are some home improvements that you can invest in to reduce your long-term living costs?
Upgrade your heating system
One of the most significant uses of energy in your home is the heating system. You may have a gas central heating system or perhaps standalone electric heaters, but any system that hasn’t been updated in recent decades is likely to be inefficient and costing you more unnecessarily.
Therefore, upgrading your heating system is a good choice if you want to save on your energy bills for years to come and do your bit for the environment. If you’re environmentally conscious, you may want to consider learning more about installing a heat pump to reduce your carbon footprint.
Install new windows and doors
Older properties typically lose a lot of heat from doors and windows, particularly if they are only single glazed. Investing in some new double or triple glazed windows will not only make your home more energy efficient by retaining warmth but will also bolster your home security – an important factor, particularly as you, get older. Furthermore, new windows may help to bring more light into your property, which is beneficial for your health and wellbeing.
Replace your insulation
Insulation is another significant factor in home energy efficiency, but it can become worn down over time. Replacing or reinforcing your insulation may help to limit heat loss from your home and save you money in the long term. You can insulate in loft spaces, walls and around pipes to ensure the energy being used is having the biggest impact possible.
Invest in new appliances
If your appliances are in need of an upgrade, new models are usually much more energy efficient – meaning you can save money whilst at home. Furthermore, new appliances may help your quality of living – for example, a new oven could inspire you to spend more time cooking or baking and help you to eat better quality foods.