Retired splash the cash on home improvements

Escaping the rat race seems to be the inspiration for many retired people to transform their house into their dream home, according to a recent report.

Monday, 2nd May 2016, 3:00 pm
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Eight out of 10 people say they have redecorated or renovated their home since retiring, according to research by Saga Home Insurance.

A poll of more than 7,000 retired over-50s shows that on average, people complete three home improvement projects when they give up the day job. 55 per cent redecorated

Meanwhile, four in 10 say they had a new bathroom fitted, and more that one in three finally installed their dream kitchen (36%).

The recently-retired also seem to enjoy some ‘me’ time, with one in eight turning a spare room into an office or workshop. 3 per cent even created a games or hobby room.

Other home improvements included building a conservatory (11 per cent), extending the house (7 per cent) or adding a porch (5 per cent).

Looking outside the house, one in three say completely redeveloped their garden - at a cost of around £3,000 on average.

On average people spend £17,000 improving their surroundings, with one in eight saying they spent more than £25,000 creating their dream home since stopping full time work.

Roger Ramsden, Chief Executive of Saga Services, commented: “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.”