Over 50s splash the cash on their home in retirement
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.
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.”