Many people wait until their children have left home and they have a bit more of a disposable income before they start major home improvement projects, which explains why those over the age of 55 have seriously ambitious renovation plans.
According to the latest research from SunLife, which was revealed in Property Reporter, the most popular change older homeowners want to make to their property is to fit an indoor swimming pool.
Indeed, far from wanting to downsize, most of the desired renovations involve extending their properties in order to fit in the likes of a greenhouse, cinema room, conservatory, wine cellar, home sauna, an indoor bar and a Jacuzzi.
SunLife reported homeowners over 55 have earned an average of £135,000 due to the increase in value of their residence, but two-thirds do not want to move house and release this as cash.
Therefore, SunLife’s Simon Stanney said unlocking some of the value with equity release could be the answer.
“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,” Mr Stanney stated.
Not everyone has such grand plans though, and property owners can transform their residences by making simple changes, such as fitting UK internal door sets.
This can bring a house into the 21st Century, and compliment the re-design of a room. Furthermore, by choosing doors of high quality, you can be confident they will stay well-maintained for years to come.
They can also help boost the value of your house by matching other improvements, such as new kitchens and re-painting, allowing homeowners to be able to release even more equity in their twilight years.