Retirees spending on home improvements

Instead of relaxing once they reach retirement, over-50s are now making home improvements in their free time, according to recent research.

The study, conducted by Saga Home Insurance, shows that on average, people are completing three home improvement projects when they give up their nine-to-five job.

The most common alterations that people seem to be making are new bathrooms, kitchens and redeveloped gardens. 55 per cent of people said they took this time to redecorate, while 38 per cent had a new bathroom fitted and 36 per cent splashed out for their dream kitchen.

Saga Home Insurance predicts that this move is made because people finally feel that they have the time to focus on a large-scale project, which has resulted in eight out of ten people redecorating or renovating their home since they retired.

In addition to modernising and making large changes, retirees also take this time to create their own dedicated personal space. One in eight turn a spare room into an office or workshop and three per cent create a games or hobby room.

These changes don't come cheap though. People are spending an average of £17,000 on these home improvements, while one in eight admit to spending up to £25,000. Saga believes that people are more willing to spend these amounts since the commencement of the pension freedoms.

Roger Ramsden, chief executive of Saga Services, commented: "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."

As well as the inside of their homes, one in three retirees say they have completely redeveloped their garden, costing them an average of £3,000.

In addition, 11 per cent have built a conservatory, seven per cent have had their house extended and five per cent have added a porch.