The iconic home of Queen Elizabeth II will be renovated over the next 10 years.
buckingham-palace-1116-2.jpg (skyword:367538)
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Buckingham Palace, the 17th century administrative building for Britain's royals and the home to Queen Elizabeth II, is scheduled to undergo some major renovations. The iconic building has not undergone any major restorations in more than 50 years, and it's overdo for repairs. As such, the Palace will be refurbished over the next 10 years for an estimated cost of $460 million, according to ITV News.

Experts says that Buckingham Palace is in dire need of new electrical wiring, water pipes and boilers. As is, it poses a safety threat to the royal family and is at risk of suffering water or fire damage.

"We are convinced that by making this investment in Buckingham Palace now we can avert a much more costly and potentially catastrophic building failure in the years to come," Master of The Queen's Household Tony Johnstone-Burt said in a statement.

Reports say that the Queen is planning to remain in residence at the Palace as the renovations are completed. Can you blame her? Ten years would be a long time to be displaced from your home!

Check out some pictures of what the Palace looks like today. Okay, maybe it is time for a little modernizing:

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