Queen Elizabeth II may need to move out of Buckingham Palace during renovations to the residence, royal officials revealed Wednesday. The 300-year-old palace hasn't been substantially redecorated since 1952, the year she ascended to the throne.

The redecorations for the palace would cost about $237 million, according to Hello! Daily News. In addition to redecorations, there will be renovations and upgrades, such as replacing old plumbing and wiring as well as removing asbestos.

While $3.3 million has been spent on repairs within the palace in the last year, there is still a lot of work that needs to be done, The Telegraph reported.

While not definite, her moving out of the palace is one of the options currently being considered. This option would be finalized if it's determined to be the most cost-effective solution.

The Queen spends about a third of her time in Buckingham Palace, which is the site of summer garden parties and a multitude of ceremonial events each year.

Even if she does move out, it's not like she would be homeless. The Queen has other residences to choose from, including Windsor Castle west of London, Sandringham House in Norfolk, Holyrood Palace in Edinburgh and Balmoral Castle further north in Scotland, according to The Sydney Morning Herald. 

If the relocation does occur, it would be the first time a monarch would have vacated Buckingham Palace since Queen Victoria designated it as an official residence in 1837.