Retirees are Spending Big on Home Improvements
A new study from Saga Home Insurance has revealed the extent of what people spend creating their dream homes after quitting full time work. One in eight retirees say they have spent over £25,000 on home renovations including new bathrooms, kitchens and developed gardens. 55% of respondents said they redecorated after retiring.
The poll shows that on average, retirees invest in three home improvement projects after giving up their nine to five. 55% said they redecorated some or all of the house, 38% had a new bathroom installed, and 36% had a new kitchen fitted.
Supplementary home alterations which give homeowners more space are also popular with the over 50s. 11% of those polled decided to build a conservatory, while 7% invested in a home extension. A conservatory or orangery is a more affordable option which offers a light and bright room for all year round entertaining.
It seems as if retired workers are using recent pension freedoms to their advantage and making improvements to their home which have been long dreamt about. After all, when you’ll be spending more time in your home why not transform it into to your dream home? It’s not just indoors where the over 50s are splashing their cash – gardens are also getting a lot of investment. One in three completely redeveloped their garden, spending an average of £3,000. This makes sense as many retirees also like to spend time gardening and enjoying their outdoor space now that they have more spare time.
Invest in ‘me’
Pensioners and retirees are also deciding to change their home to fit their interests and needs, rather than just modernising it. After 40 years or more of hard work, retirees are using their spare time to take up hobbies and make personal space in their lives and homes. This could be an outhouse or converted shed, or a spare room converted into an office, writing space or a workshop. Whether it’s a hobby room, leisure room or a games room, pensioners are making the choice to invest in themselves and their happiness.
If you are recently retired in Warwickshire and would like to know what home improvements you can make with your budget, take a look at the offerings from Prior Products – from large renovations such as extensions and conservatories to smaller improvements like a new front door or double glazing, we can help transform your home.