{"data":{"id":"15a8be0b-3af2-4874-9822-f58cdb2ff001","updated_at":"2024-04-13T11:59:26Z","template_id":"73046548-86ec-431a-aca0-75b53bc936f3","localized":{"blocks":[{"id":"c0295cbc-8d17-4953-9d29-1170e0e3ed55","kind":"richtext","content_html":"

How do you spell divorce?

I spell it “R-E-N-O-V-A-T-I-O-N-S”.

My wife and I are currently doing some home renovations so we can age safely in place. We are replacing the steps at the front and back of the house and adding hand railings to avoid the risk of a fall.

We are also redoing an upstairs washroom getting rid of the old bathtub and installing a walk in shower which has a seat built in so a person can sit while showering.

I was fine with spending money on the renovations – they made sense to me but during the planning process and discussions with the contractor something happened to my wife.

She now wants to knock down walls, put in a new kitchen and basically redesign the whole main floor of the house which wasn’t part of the original deal.

I’ve lost a lot of sleep over it because I’m a little frugal (my wife calls me cheap) and I have a hard time spending a big chunk of our savings on something I don’t think we need.

If that wasn’t enough adding to my stress level is our prior track record with contractors and renovations. I’ve been through two renovations and I’ve hated it.

The upheaval, the dust, the not knowing if the trades are going to show up as promised, the inevitable cost overruns, and the mistakes that will surely be made.

One wonderful contractor messed up the air flow in our attic and it ended up costing us a new roof and new roofs aren’t cheap nor is mold removal. I asked my insurance company if I could make a claim and of course they said no and suggested I sue the contractor.

Have you ever tried to sue a contractor?

Believe me it’s something you want to avoid like the plague.

Thinking about what my wife wanted to do was really stressing me out until one day when I started thinking about what the worst case scenario could be. I knew the additional renovations she planned would add to the value of our home so the money we were spending wasn’t being thrown entirely to the wind.

If something went wrong and we started hurting for money we could either sell the house and move into an apartment or alternatively take out a reverse mortgage.

Additionally unlike most people we are not concerned with leaving our kids the largest inheritance possible. We ensured they got off to a good start in life without the burden of student loans around their necks – the rest is up to them. At the end of the day they will get what is left over. How much that will be is anyone’s guess but I’m not going to lose any sleep over it.

Knowing what the downside was and that we had options made me feel better.

While those bad memories of renovations past still linger and I don’t want to spend hard earned money on things I feel we don’t need I don’t want to become another gray divorce statistic either. My wife wants a new kitchen and like they say happy wife happy life.

Guess who is knocking down some walls?

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About the Author

Mike Drak is the Author of the best-selling book Victory Lap Retirement, Retirement Heaven or Hell - Which Will You Choose and Longevity Lifestyle by Design. Along with being an Author, Mike is also an award winning blogger and public speaker and has made appearances on BNN, CBC Radio and iHeart radio. He is a thirty-eight year veteran of the financial services industry and lives with his wife Melina in Toronto, Canada. You can contact Mike through LinkedIn.

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Mike Drak is a Senior Contributor at Booming Encore and the Author of the best-selling book Victory Lap Retirement, Retirement Heaven or Hell and Longevity Lifestyle by Design. Along with being an Author, Mike is also an award winning blogger, retirement coach and public speaker and has made appearances on BNN, CBC Radio and iHeart radio. He is a thirty-eight year veteran of the financial services industry and lives with his wife Melina in Toronto, Canada.

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