A new study has revealed that retirees spend around £17,000 on average when improving their home.
According to Saga Home Insurance, one in eight say they have spent more than £25,000 creating their dream home since stopping full time work, with the most common alterations being new bathrooms, kitchens and redeveloped gardens.
The study revealed that eight out of 10 people say they have redecorated or renovated their home since retiring.
The poll of more than 7,000 retired over 50s shows that on average people complete three home improvement projects when they give up their nine to five job. While some people redecorated (55%), four out of 10 say they had a new bathroom fitted (38%) and more than a third install their dream kitchen (36%).
As well as modernising their home, new retirees also create some personal space so they have somewhere to go to enjoy some ‘me’ time. One in eight turn a spare room into an office or workshop and 3% create a games or hobby room.
Other alterations include building a conservatory (11%), extending the house (7%) or adding a porch (5%). Those increasing the size of their property may fill their home with more possessions so it is important people review their insurance to make sure all their contents are covered.
Perhaps making the most of the pension freedoms, people spend a pretty penny improving their property once they hit retirement.
However, it’s not just inside the home that gets a new lease of life when people give up the daily grind. One in three say they have completely redeveloped their garden costing them around £3,000 on average.
Roger Ramsden, chief executive of Saga Services, said: “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.”
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