4 Urgent Home Fixes Before You Retire

A leaking roof, a burst pipe or a skyrocketing electric bill are headaches no matter when they happen, but when you're on a fixed income and unprepared, they can become a financial crisis.

Most people 45 and older want to stay in their home as they age, says AARP. If you're among them, plan for and make your repairs now while you can still increase your income or make spending choices that allow you to pay for the repairs comfortably.

"If you wait until a critical thing happens to you, it's going to be more of a financial burden on you and your family," says Esther Greenhouse, an environmental gerontologist. "Secondly, you don't want to deal with these issues in a crisis. The more control you have over your environment, the more control you will have over your life when you plan for it."

Make a plan
If you plan to stay in your home, look for a licensed and insured contractor who is a Certified Aging-in-Place Specialist, or CAPS, who is certified by the National Association of Home Builders. Draw up a schedule for repairs and how you'll pay for them, Greenhouse says.

Get a quote now, save up for the repair and stash the money in a certificate of deposit or money market fund -- anything unaffected by the stock market's volatility and that's likely to grow with the rate of inflation.

Here are four things to take care of before you retire.

Insulate
Cost: Between 49 cents per square foot and $1.50 per square foot.

Advantage: Saves on electric bills and means you won't use your furnace or air conditioning as often.

Most homes have little troublesome cracks and holes that let hot and cool air escape. Prime examples: gaps around doors, holes cut through walls for pipes and electrical wiring, and deteriorating window frames.

These tiny, tedious problems can make a big difference in your home's energy efficiency. Unlike home repairs, energy costs are volatile and can skyrocket with the cost of oil. So the more tightly sealed your house, the better off you'll be when you're on a fixed income, says John Barrows, a New York-based builder, consultant and co-author of "The Complete Idiot's Guide to Green Building and Remodeling."

Also, consider the age of your house: If it was built before the 1960s, it probably wasn't well-insulated, says Ben Spofford, a Cleveland-based contractor and owner of Housecalls Home Services. Before the 1960s, energy was cheaper and people weren't much worried about conserving energy.

If your CAPS contractor agrees, spring for insulating your walls, and even parts of your basement and your attic. It can seem extravagant to insulate spaces you don't live in, but doing so will help maintain the temperature in your living area by keeping hot and cool air from escaping.

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