If you love your nest but find getting around in it is becoming a little more difficult, consider changing things up with some renovations so that your home is ready to age as you do. There are a number of
tax credits and other savings you can take advantage of with renovations. The Equifax Finance Blog has some great tips on how to take advantage of these benefits in the article, “
Using Your Home Renovation to Maximize Tax Benefits.”
There are a lot of tax credits available for energy efficiency upgrades like installing low flow toilets and energy-saving light fixtures. These upgrades not only help save money on your taxes, but they also help save on monthly utility costs compared to older services. In addition, improved lighting will minimize the risk of slips and fall, making your home safer.
If you have medical limitations, there are often tax and insurance benefits to adding doctor-approved safety renovations to your home, too. These can include ramps and other modifications that provide added safety. Talk to your doctor about your options, so that you can make aging in place easier and more affordable.
When you combine these effects, you can really
save money when it comes time to renovate. Be sure to check the Equifax Finance Blog for more personal finance advice, from retirement to credit and more.
