Monday, September 21, 2009
Category:
Home Improvements
According to Saga Home Insurance, 31 percent of parents over 50 years of age have seen their adult children return to the family home.
It would seem that more than one in ten of those who have ‘put up’ their adult children after they first flew the nest did so to help them through financial difficulties. Furthermore, 17 percent have reportedly housed their adult children following the breakdown of a relationship.
However, findings reveal that some children are outstaying their welcome – despite 26 percent of university graduates intending a short stay. In fact, it was found that 17 percent of adult children have moved back in with their parents for a period in excess of a year. With regard to regions, it was discovered that Londoners are most keen to reside in the family home, at 25 percent.
With the rise in household bills, 27 percent of parents were found to have asked their children for a financial contribution, whereas 28 percent did not want any support of this nature. Where assistance was not requested, 16 percent of children nevertheless made contributions, compared to 15 percent who are unwilling to help at all.
Saga Home Insurance point out that even when in receipt of financial contributions, many over 50 year olds could still see their finances squeezed as 16 percent of parents adapt their homes to suit their family’s needs.
Executive Chairman of Saga Group, Andrew Goodsell, commented: "It is good to see that you can always depend on your parents in times of emotional and economic difficulty. But don't forget the financial implications of moving home, such as the cost of food and energy bills and any increase in insurance cover that maybe needed for extra valuables in the home".
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Homeowners who would like to create extra living space within their property in order to accommodate their boomerang generation, but do not have the funds available to do so, could consider taking out a secured loan for
home improvements. One of many finance options available, a secured loan for home improvements could allow the borrower to embark upon a range of projects from building an extension to converting an attic. A conservatory could also be invested in, and outdoor spaces could be landscaped for enjoying family barbeques on warm summer days.
