After a lifetime of the alarm clock going off and having to drag yourself off to work, it’s only normal to look forward to retiring and spending some quality time at home.
So it’s reassuring to learn that more than half (59%) of people over 55 say their home is in a good state of repair – compared with the national average of 49%.
This is according to data* from secured loan provider Ocean Finance – who wrote this article.
More time, more money
One explanation could be that the over-55s are more likely to be “empty nesters” – retired people with more spare time, along with the skills and experience to carry out maintenance on their own homes.
It could also be down to people over 55 having more in savings, making them better able to pay for others to do the work for them!
In fact, while a lack of funds is blamed by a full 50% of the over-55s who aren’t carrying out necessary repairs, that’s the lowest percentage – other age groups were far more likely to put things on hold for financial reasons.
Look at those aged 35-44, for example, where 63% can’t commit to repairs because they don’t have the money. It looks like being a bit older is finally paying off!
Putting jobs off
While it’s refreshing to see so many people over 55 confident that their home is in a good state of repair, of course it’s not the case for everyone in that age group and there are still 35% who have repairs that need doing. So what kind of repairs are they putting off?
It’s fair to say that some of the older over-55s probably aren’t quite as nimble as they used to be, so precariously balancing on a ladder to carry out big repairs is probably best left to the young whippersnappers.
With this in mind, it’s perhaps not surprising that the over-55s are the most likely of all the age groups to need the outside of the house repainting (36%) or blocked or broken gutters clearing or repairing (28%). These can be big jobs for anyone, but can be particularly dangerous for those who feel they’re a little unsteady on their feet.
Prepare to repair
Whether they’re big or small, repairs that need doing to the house aren’t going to sort themselves out.
If you’re retired or looking forward to retirement and want to enjoy a house in a good state of repair, it makes sense to get the house sorted.
Ian Williams from Ocean Finance said: “When people get older and come up to retirement age, it’s nice to be able to spend some quality time at home, so it’s wonderful to see so many over-55s with homes in good repair.
“For the 35% that need to carry out repairs on their homes, I’d recommend finding a way to get them done as early as possible. It might not be cheap, but it can stop small problems turning into bigger jobs – with bigger price tags.”
*OnePoll carried out a survey of a representative sample of 2,000 UK adults on 24th May 2013.Last modified: June 10, 2021