Start early to get your house retirement-ready

If your goal is to "age in place" in your home, some advance preparation could help make that possible — or point to better alternatives.

What needs to change. Unexpected expenses for major home repairs or upgrades were the most commonly reported financial shocks experienced by retirees, according to a 2015 study by the Society of Actuaries. Those big-ticket costs can be devastating on a fixed income. The society recommends a home inspection before retirement so you can identify and budget for those costs. But you also could schedule some of the expensive stuff — replacing a roof, for instance, or upgrading the heat and air conditioning system — while you are still working.

Likewise, investments in energy efficiency could help you avoid big bills when you're less able to afford them.

Consider upkeep as well. You might want to replace a labor-intensive grass yard and planting beds with lower-maintenance landscaping. You could swap out siding that needs to be painted every few years with a more durable option.

Build your equity. You may still face big bills or have trouble making ends meet in retirement. In that case, your home's equity could be helpful. You could access your home's value by selling it, using a reverse mortgage or getting a home equity line of credit.

But you can't tap equity you don't have. Planners believe you shouldn't prioritize paying off your mortgage over saving for retirement and for emergencies. And you probably shouldn't take money from retirement funds to pay off a mortgage. But once you are on track with your savings goals, you could make extra principal payments to pay down the loan more rapidly. You also can avoid having a mortgage in retirement by opting for shorter loans when you refinance. If you are 50, for example, you might choose a 15-year loan over one that lasts 30 years.

Assess accessibility. Consider incorporating accessibility features into any planned renovations. Grab bars in bathrooms, lever-style handles on doors and faucets, and rocker-style light switches (preferably accessible from a wheelchair) are relatively low-cost upgrades, for example. Costlier changes include widening doorways and hallways, adding a curbless shower, installing nonslip flooring and creating a zero-step entry.

Ideally, your home would have just one level, but a home with stairs can work if it has a bedroom and full bath on the entry level. If that's your situation, you could focus your renovations on making those spaces accessible rather than trying to remake your whole house.

Liz Weston is a columnist at NerdWallet. E-mail: lweston@nerdwallet.com. Twitter: @lizweston