A third of over 55s don’t reclaim kid’s old bedroom after they’ve moved
Three in 10 over 55s never take back their children’s bedroom even after they’ve flown the nest. And 75% wait at least a year to redecorate, or don’t bother.
Over 55s are reluctant to redecorate their children’s rooms even though they have moved out and moved on, according to the latest research from SunLife.
Of those that do redecorate their kid’s rooms, most (46%) wait at least a year, with one in 14 waiting at least six years before doing anything new with their children’s old bedrooms.
“We know that keeping the home in the family is really important to people, and this research backs that up. It is common for parents to want their grownup kids to be able to come back to the family home, and nearly a third feel so strongly that they even keep their child’s old bedroom for them even though they’ve moved out!” said Simon Stanney, equity release service director at SunLife.
More surprising than those who never redecorate, are the parents who reclaim the room while the bed is still warm! SunLife’s survey reveals that one in 50 reclaim and redecorate their kids’ room the day after they move out.
The most common uses for a child’s old room once they have moved out is a guest room, with more than a third (34%) of those who have redecorated saying they have used their kids’ old room as a guest room.
One in 10 use their children’s old room for grandkids.
Stanney added: “Most of our respondents have been in their homes for at least two decades, and it is understandable that they want to stay there, because there’s no place like home.
“The research also supports the fact that, despite over 55s being a ‘property rich, cash poor’ generation – who could free up a lot of cash by downsizing – 62% say they would never downsize.
“On average, people over 55 have seen their homes increase in value by around £135k, so unlocking some of the value in their homes via equity release rather than by moving, could offer a solution.”