Thursday, November 11, 2010
Category:
Home Improvements
According to a new report, published by Friends Provident in conjunction with Future Foundation, as people get older their desire to remain in their own home is continuing to increase whilst plans to downsize are decreasing. Findings show that 42 percent of those between 34 and 44 years of age, and 77 percent of those over 65 years of age, want to stay in their own home when they retire.
CEO Friends Provident Holdings (UK), Trevor Matthews, commented: "There is no doubt people still see their house as an investment, however, it is important to make the distinction between people appreciating the value of their house and actually planning to use it as an asset. Our research has revealed that currently only 11% of those we spoke to plan on selling or downsizing their property to fund retirement and an even smaller proportion - 6% plan on releasing the equity in their property. However, with increased longevity and the decline of final salary schemes, it is clear that in the future many people will need to consider how they can realise some of the value from their house; as a result we believe that equity release schemes will become significantly more commonplace in the future."
The research revealed that Britons still view their properties as an investment. However, Friends Provident have pointed out that there is a significant difference between respondents who appreciate the value of their property and those who are actually planning to utilise it as a means to fund their retirement.
……………………………………………………………………………………………….....
Homeowners who have recently purchased a new property, with plans to remain there for many years to come, could consider taking out a secured loan to fund any required or desired
home improvements. One of many finance options available, a secured loan for home improvements could, for example, enable a growing family to create extra living space by way of an extension of conservatory. Alternatively, borrowers may simply wish to re-decorate and re-furbish their property in accordance with personal tastes.
