Equity Release

The cost of adapting your property for care at home: £8K

Christina Hoghton
Written By:
Christina Hoghton

If you want to stay in your home during your later years, ensure you future-proof it now so it’s suitable for your older age

Nearly two out of five (38%) admit their homes need work to make them suitable for later life living.

And the average bill for improvements averages just over £8,000, according to Key.

The equity release business said that only a fifth (21%) of those over the age of 55 believe their current home is suitable for their needs if their health declines in later years.

However, nearly half (47%) would want to be in their current home while another 28% would want to be in a more manageable home or sheltered accommodation if they need care.

Only 5% would expect to live with family members while just 4% would opt for residential care.

What home improvements are needed?

Potential improvements being planned include installing a wet room, or stair lift, or improving accessibility.

However nearly a third of those expecting to make improvements plan to spend more than £10,000.

Will Hale, CEO at Key, said: “The vast majority of people want to receive care and support in the familiar surroundings of their own home but only one in five people believe that their home is suitable if their health does decline as they get older. Indeed, flights of stairs, a big family bathroom and a multi-level garden might be incredibly desirable for a growing family but tougher for an older couple to manage.

“Over-55s estimate that they need to spend in the region of £8,000 to ‘care proof’ their current home with those in Scotland spending less and those in the South West needing to budget more.

“The need to make these changes may feel like a long way off for those early in retirement but it is important to consider whether your current home could work for you as you get older, otherwise it may be worth exploring other options including a move to a more suitable property.”