Household

Over 55s reveal their ‘dream home improvements’

Warren Lewis
|
12th June 2019
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We've all dreamed of winning a few quid on the lottery. And if it wasn't enough to buy our own private island, improving our current residence would surely come high up the list of ways to spend it.

So If money wasn’t an issue, what improvements would the UK's over 55s make to their homes?

SunLife polled 1,001 homeowners over 55 and found that the most popular choices were to install an indoor pool, closely followed by making their property an eco-home and then building a conservatory. Luxury renovations such as jacuzzi and sauna were also popular, as well as an alfresco dining area.

Tech featured high on the list too with one in 20 saying they would have a cinema room and installing hi-tech security system also high on the list.

But there was quite a significant difference between what men and women would do. Tech featured highly on men’s lists with eco home the top choice and security system and cinema both featuring high in the list. Alcohol was also a theme with wine cellar and indoor bar both making men’s top ten.

For women, indoor pool was top; home cinema didn’t make the top ten, but having a balcony was a popular choice as was building a playground for the grandkids.

And while these ideas may sound a bit far-fetched, when you consider that on average, homeowners over 55 bought their homes more than 20 years ago when the average house price was around £52,000, it might not seem quite so as implausible, as Simon Stanney, equity release director explains:

“Our research has revealed that on average, people over 55 have seen their homes increase in value by around £135k, but 62% don’t want to move so unlocking some of this value via equity release could offer a solution.

The cash released is tax-free and you can do what you want with it, whether that is home improvements, gifting to children or grandchildren, or building an indoor swimming pool!”

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