Mortgage News
Average of £17,000 spent on home improvements in retirement
A poll of 7,000 retired over-50s has found that nearly a fifth have carried out five or more home improvement projects since they gave up work.
The survey by Saga Home Insurance revealed that 19% of those polled had completed five or more projects in retirement, with 55% having decorated the living room, study or hallway as priority.
The next most common room to be redecorated was the bathroom, with 38% saying they’d refurbished it, and third was the kitchen at 36%, which had the highest average spend of £13,242.
Roger Ramsden, chief executive of Saga Services, said: “Throughout our lives we spend time and effort to make our house a home, however it can be hard to manage and oversee big home improvement projects when you’re working full time.
“However, it’s a good idea to let your insurer know before you start any home alterations so you can make sure you’re covered both during the works and beyond.”
As well as modernising their home, new retirees also create some personal space, with one in eight turning a spare room into an office or workshop and 3% creating a games or hobby room.
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Other alterations include building a conservatory (11%), extending the house (7%) or adding a porch (5%).
On average retired people spend £17,000 improving their home, with one in eight saying they have spent £25,000 to date.