Should We Renovate and Stay?
Should You Renovate Your Current Home or Move to a Home That’s Easier to Live In?
A home you've lived in for many years holds countless family memories. The rooms where you raised your children, the garden you carefully maintained, and the familiar neighbors all make it difficult to leave. But as you prepare for retirement, you may begin asking yourself an important question: “Will this home still be comfortable for me in the years ahead?”
According to an October 8, 2026 article from Keeping Current Matters, homeowners considering aging in place—remaining in their current homes as they grow older—should consider not only their emotional attachment to the home but also their future housing needs. Comparing the costs and lifestyle implications of renovating your current home versus moving to a more convenient one is an important part of that decision.
A Home That Works Today May Not Work as Well Tomorrow
Stairs that are easy to navigate today may become challenging later. If your bedrooms are upstairs and your laundry room is in the basement, you may find yourself going up and down stairs several times a day. High bathtub edges and narrow doorways can also become obstacles over time.
According to research from Harvard University's Joint Center for Housing Studies cited in the article, fewer than 4% of U.S. homes have basic accessibility features such as single-floor living, step-free entrances, and wider hallways and doorways. This means that staying in a familiar home may require renovations or structural modifications.
If you're planning for retirement in the Chicago suburbs, there is much more to consider than square footage and the number of bedrooms. Think about whether there are steps between the garage and the house, whether the bedroom, bathroom, and laundry room can all be accessed on the same floor, and how much work snow removal in winter and lawn maintenance in summer may require.
Renovation Costs Include More Than Construction
If you love your neighborhood and have family and friends nearby, making improvements to your current home may be an excellent choice. Installing grab bars in bathrooms, creating a curbless shower, or widening doorways are common examples of modifications that can make everyday living easier.
However, it's important to distinguish between relatively simple safety improvements and major structural renovations.
Adding a bedroom and bathroom on the main floor, for example, may involve plumbing changes, layout modifications, and building permits. Costs and timelines can vary considerably. You should also account for construction noise, dust, scheduling disruptions, and possibly temporary housing expenses.
Another consideration is that money spent on renovations for your personal comfort may not be fully recovered when you eventually sell the home. Before moving forward, consider how long you plan to remain in the property and whether the proposed improvements will truly address your future needs.
Your Home Equity May Help Fund Your Next Chapter
If you've been paying down your mortgage for many years, you may have built substantial equity in your home.
Home equity is the difference between your home's current market value and the remaining mortgage balance.
If you decide to sell and move to a more manageable home, that equity may help finance your next purchase. However, the amount actually available to you will depend on selling expenses, mortgage payoff amounts, and other transaction costs.
When comparing your options, don't look only at renovation estimates and the purchase price of a new home.
Consider the property taxes, insurance, maintenance, and repair costs of your current home alongside the property taxes, insurance, HOA fees, and financing costs of a potential replacement home.
In Illinois, downsizing to a smaller property does not necessarily mean your total housing expenses will decrease proportionally. It's important to evaluate the actual costs of each home you're considering.
A 55+ Community May Be Worth Exploring
The article also discusses age-restricted communities designed for residents aged 55 and older as another possible option.
These communities may offer more accessible home layouts, shared amenities, and opportunities to connect with neighbors through organized activities.
However, each community has different rules, fees, and services.
Find out whether lawn care and snow removal are included in the HOA fees, whether the amenities fit your lifestyle, and what restrictions apply to residents and visiting family members.
It's also worth considering proximity to healthcare providers, grocery stores, and family members.
Create Two Plans Before Making a Decision
The first plan is staying in your current home. Identify the renovations you would need, obtain cost estimates, and calculate your expected ongoing maintenance expenses.
The second plan is moving to another home. Estimate the net proceeds from selling your current property, the cost of purchasing a replacement home, and your anticipated monthly expenses after moving.
Then ask yourself the same question about both options:
“Will this lifestyle still be comfortable five or ten years from now?”
Downsizing isn't the right answer for everyone. Renovating the home you love and staying there for many more years can be a wonderful choice. Moving to a home that requires less maintenance can also bring greater freedom and peace of mind.
What matters most is comparing your options while you still have the flexibility to choose.
Chicago Realtor Sang Han
773-717-2227
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