Eight in ten homeowners (80%) aged over 50 are willing to future-proof their home so they can live independently for longer, with research showing the average cost comes to more than £6,500 – just shy of the annual state pension.
According to a Nationwide Building Society poll of more than 1,600 homeowners aged 50 and above, around one in three (31%) of people aged 75 and over have already made changes to future-proof their home.
Nationwide recently revealed that if older homeowners do need later life assistance, more than half (52%) would prefer to continue living alone, with help from a carer who lived separately. Nearly a quarter (23%) would opt to continue living alone but near a family member. Only two per cent would want to move into residential care if they needed support completing everyday tasks.
Nearly half (48%) of homeowners aged 50 and above have already moved into their ‘forever home’ and do not expect to move again, according to the research. This is substantially more than the 35 per cent who do expect to make another move. Almost a quarter (24%) of homeowners would either consider moving or have moved to a bungalow to avoid the need to venture upstairs.
Cost of future-proofing a home
When asked about what items and changes they expected to buy or make, the respondents highlighted a range of options they would expect to take to ensure they could remain in their current home – see table below:
Update the decor | 34% |
Individual adaptation items (e.g. picker to get things off the floor, tools to open jars) | 25% |
Handrails | 23% |
Walk in shower / wet room | 21% |
Security doorbell / intercom | 20% |
Stairlift | 18% |
Powered riser / recliner chairs | 14% |
New kitchen | 13% |
New bathroom | 13% |
Ramps | 9% |
Hands free toilet | 6% |
More than half (51%) of those planning to make improvements expect to spend £5,000 or more to ensure they can remain in their home. This includes nearly a third (32%) of older homeowners who expect to spend more than £10,000.
Based on some of the items noted above, Nationwide’s research below suggests that future-proofing a property to live independently at home for longer could cost upwards of £6,000 – which is similar to the full basic state pension for a year (£6,981)1. Given the steep cost of home improvements compared to pension income, one in ten over-fifties (13%) plan to make the improvements before they retire.
Typical cost of age-proofing
Age Proofing Items | Cost |
---|---|
Stairlift | £2,8452 |
Handrail | £803 |
Door ramp | £7004 |
Walk-in shower | £1,0005 |
Personal Alarm | £135 + £160 (p.a.)6 |
Video Doorbell | £1377 |
Adjustable Bed | £1,4508 |
Total: | £6,507 |
For older homeowners who expect to make the age-proofing improvements, more than four in five (81%) plan to dip into their savings to cover the cost of these improvements. Seven per cent expect to release equity from their home, and eight per cent will pay using credit cards. More than a fifth of homeowners aged 50 and above (21%) believe future-proofing improvements will actually increase the value of their home.
Nationwide Advice
Nationwide offers a range of later life lending options for older borrowers, including a Lifetime Mortgage – a type of equity release mortgage where there are no contractual repayments. The Society offers free consultations for homeowners who may be considering releasing equity from their home to pay for future-proofing renovations such as stairlifts. These consultations can be done via high quality video conference straight to people’s devices at home. Nationwide’s later life mortgages are designed to let people make use of the money that's built up in their home, with all loans coming with no valuation, product or advice fees.
Nationwide never sells later life products without giving consumers the whole picture and sharing the tools necessary for them to make the most informed decision possible.
Jason Hurwood, Nationwide’s director of home propositions, said : “As people get older, they may find it becomes more difficult to complete everyday tasks at home. Most people understandably want to maintain their independence and stay in their own home for as long as possible, rather than moving into residential care, and are willing to make the necessary home improvements to do so."
“However, home improvements, such as stairlifts or walk-in showers, can be expensive. Although people immediately look to their savings to cover these costs, more and more people are also considering accessing the value in their home as a realistic and perhaps more suitable option. However, releasing equity is a major financial decision. We’d strongly recommend people seek advice to understand all their options before progressing. That is why the Society offers free advice and our later life mortgages come with £1,000 cashback, which can be used to pay for independent legal advice.”