Over 50s struggle to find cash for home repairs
The challenge of austerity and the pressing need for home repairs are leaving many with a home headache.
As many as 2.5 million over 50s say that their home is in need of repair, but they cannot afford to do the work, according to research for the Saga Equity Release Advice Service.
The most common things that need repairing are gutters (13 per cent), roofs (10 per cent), insulation (nine per cent) and heating (eight per cent), which can be expensive.
Some people could however be faced with an even bigger bill as a fifth of over 50s say that more than one area of their home needs repairing.
This year, half of over 50s plan to dip into their savings to cover the repair costs, while almost two fifths will use their regular income (wages or pension) to get their house back into shape.
The majority of those who can’t afford the repairs say they will learn to live with their home’s imperfections, leaving the rest taking out loans, using credit cards or even borrowing from friends or family members to get things fixed.
Londoners are the most likely to need Nick Knowles’ help as half (46 per cent) say that something in their home needs repairing, whereas people living in Yorkshire and Humber claim that their homes need the fewest repairs (36 per cent).
Saga chief executive Roger Ramsden said: “For most us our homes are our most valuable asset therefore it’s important that we maintain them the best we can. It’s important for people to explore all the funding options available to them, before allowing their home to get into a state of disrepair and therefore eroding the value of their biggest asset.”
Email to a friend
Print this page- Revealed: Map showing flightpaths if new airport is built in Vale
- ‘I’m not prepared to do this job and drive 600 miles a week’: Police chief defends expenses and ‘chauffeur’
- Aylesbury man charged with trying to incite child under 16 into sexual activity
- Pub makeover (combined with a subtle name change) aims to repair reputation
- ‘She will be greatly missed’: Family’s tribute to grandmother killed in car crash
- UPDATED: Aylesbury councillor apologises for ‘murderous Tories’ Twitter slur
- ‘I’m not prepared to do this job and drive 600 miles a week’: Police chief defends expenses and ‘chauffeur’
- Serial vandals burn memorial seating by Aylesbury canal
- Revealed: Map showing flightpaths if new airport is built in Vale
- Pig’s ear of an investigation – remains found in churchyard NOT human
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Aylesbury
Saturday 18 May 2013
Today
Cloudy
Temperature: 6 C to 14 C
Wind Speed: 13 mph
Wind direction: West
Tomorrow
Cloudy
Temperature: 8 C to 17 C
Wind Speed: 13 mph
Wind direction: North east
