JavaScript must be turned on in order for this site to display properly.

Personal and Business Banking

Retiring in Your Present Home

StreetWise Consumer Education Program

  • Summary
  • Article

If you've decided to retire in your present home, there are various things you can do to the home particularly if you don't need to remodel.

Under-used Room Options

Do you have rooms that aren't being used or are under-used? Then, you may wish to change their purpose. You can take a spare bedroom and turn it into a home office, exercise, sewing or hobby room, for example. Other options are a playroom for grandchildren who visit frequently or a media room. If the room is next to the master bedroom, you might even remove the wall (or just add a door) and make a master suite.

Unused Space Options

Another option for that unused space is to create an accessory apartment. This is a private living unit that has separate living and sleeping quarters, kitchen (or kitchenette), and a bathroom. It is sometimes called an "in-law" suite. An accessory apartment can provide additional income (and often a nearby supportive presence or care-giver) without having to share your home with a "roommate." Be sure to check your local zoning laws, however, before beginning your remodeling to make sure that your planned "in-law" suite meets your local codes. In some residential areas, for example, zoning laws prohibit adding an "apartment" with a kitchenette, or a separate "rental" unit, but allow a bedroom-bath "in-law" suite.