New report finds essential home repairs a struggle for many

New report finds essential home repairs a struggle for many

New research by The Saga Equity Release Advice Service has found that many over 50s are struggling with home repairs with around 66,000 taking out loans to fix things like central heating.

The data revealed that while the most common things that need fixing in the over 50s homes are gutters (13%), many are in need of more essential repairs.

According to the report, 11% say their roof needs repairing and 9% say their heating is broken. Furthermore, 7% need some electrical work carrying out and 6% say they could do with a visit from a plumber.

Some people are struggling to pay for these essential repairs out of their wages or pension. Saga estimates that 66,000 over 50s will take out a loan to pay someone to fix their heating, while almost 75,000 people will borrow money to repair a leaking roof.  

Around 120,000 people aged 50 to 59 say they will take advantage of the pension freedoms and use their lump sum to fix things in and around their home, which may leave some struggling to fund their retirement.

However, 550,000 over 50s won’t fork out for a tradesman. Around one in five say they can’t afford to pay someone to do the work needed, while the same number of people say they are going to try and fix it themselves to avoid the extra cost.


People in Edinburgh are the most likely to say something in the home needs fixing (54%), while those in Milton Keynes are the least likely to say something in or around the house is broken or damaged (36%).

Alex Edmans, head of retirement, Saga Personal Finance, commented: “They say home is where the heart is but it’s not where the heat is if the roof is leaking or the window frames rattle in the wind. Keeping on top of repairs is essential as leaving repairs for too long may exacerbate the problem and end up costing you more in the long run. If you are worrying about how to pay for the repairs it’s worthwhile exploring all your funding options as soon as possible so you can make sure the situation doesn’t get worse.”

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DmitriKara
DmitriKara 29 Jun 2016

I just read another article about eviction rising and this was exactly what was on my mind, Housing has become "cat and mouse"...

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DmitriKara
DmitriKara 29 Jun 2016

I am really not surprised. I've seen one too many impudent tenants and in my humble opinion renters have one too many privileges and options to abuse heir landlord in so many ways...

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DmitriKara
DmitriKara 29 Jun 2016

There is still so much uncertainty and I will surely step back and see what's happening before I could make any decisions on my end.

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ChristinaReedUK
ChristinaReedUK 20 Jun 2016

I don't understand why it's always a war between the two sides. Either, way the landlord is probably keeping a detailed inventory and will see the changes you've made. I just don't understand why there...

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NathanGreen
NathanGreen 16 Jun 2016

Seeing that the tenants are quite satisfied with their landlords and the properties is indeed great. I wonder, though, what is the situation in London alone? The tenants face sky-high rent levels in the...

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AndiMur
AndiMur 15 Jun 2016

TheGuardian published the same forecast. But on the other hand, professional brokers express different opinions. According totranio.com, an exit from the EU would not affect the demand/supply imbalance...

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Gary Holmes
Gary Holmes 14 Jun 2016

Having a professionally completed inventory at check-in and check-out is clearly (to me at least) of minor value. Tenants make un-authorised modifications and/or walk off with items that belong to the

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Violet Gibson
Violet Gibson 14 Jun 2016

Cautious people think buying off-plan is reckless, but over the past few years investors have literally made fortunes.Pre-release prices have obvious benefits for the developer, who gets instant finance...

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Kate Windleton
Kate Windleton 14 Jun 2016

An interesting research indeed. I guess that is in complete contrast with the United States where people often move from one coast to another. It will be interesting to hear the trends for people moving...

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NathanGreen
NathanGreen 14 Jun 2016

I think it all depends on the market conditions and how well your company is doing. You will agree that you can't demand more when you're killing yourself just to hang in there. Sometimes you need all

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ChristinaReedUK
ChristinaReedUK 13 Jun 2016

What does "detecting a bad vibe" mean actually. I've had certain vibes like these and yet have always found a reason , if there's any, why I don't like a certain property. The property maintenance might...

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keybanks estates
keybanks estates 08 Jun 2016

Great News for first time buyers, about time two!

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