General Insurance Article - Indoor pool tops the list of dream home improvements


If money wasn’t an issue, over 55s are most likely to build an indoor pool in their homes, according to SunLife. As part of its equity release home sentiment research, SunLife asked 1,001 homeowners over 55 what renovations they would make to their homes if money wasn’t an issue, and the most popular choice was ‘indoor pool’ followed by making their property an eco-home followed by building a conservatory.

 Luxury renovations such as jacuzzi and sauna were also popular, as well as an alfresco dining area.

 Tech featured high on the list too with one in 20 saying they would have a cinema room and installing hi-tech security system also high on the list.

 But there was quite a significant difference between what men and women would do. Tech featured highly on men’s lists with eco home the top choice and security system and cinema both featuring high in the list. Alcohol was also a theme with wine cellar and indoor bar both making men’s top ten.

 For women, indoor pool was top; home cinema didn’t make the top ten, but having a balcony was a popular choice as was building a playground for the grandkids.

 Top ten ‘ideal’ home improvements for over 55s

 

 And while these ideas may sound a bit far-fetched, when you consider that on average, homeowners over 55 bought their homes more than 20 years ago when the average house price was around £52,000, it might not seem quite so as implausible, as Simon Stanney, equity release director explains:

 “Our research has revealed that on average, people over 55 have seen their homes increase in value by around £135k, but 62% don’t want to move so unlocking some of this value via equity releasecould offer a solution.

 “The cash released is tax-free and you can do what you want with it, whether that is home improvements, gifting to children or grandchildren, or building an indoor swimming pool!”

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