Home problems

Spring is in the air but it seems that homes belonging to the over 50s are in need of more than a spring clean or lick of paint – half of people say their home is in need of repairs, according to research by The Saga Equity Release Advice Service.

While the most common things that need fixing in the over 50s homes are gutters, many are in need of more essential repairs. One in nine say their roof needs repairing and 9% say their heating is broken. Furthermore, 1 in 14 need some electrical work carrying out and 6% say they could do with a visit from a plumber.

However, some people are struggling to pay for these essential repairs out of their wages or pension. Saga estimates that 66,000 over 50s will take out a loan to pay someone to fix their heating, while almost 75,000 people will borrow money to repair a leaking roof.

Around 120,000 people aged 50 to 59 say they will take advantage of the pension freedoms and use their lump sum to fix things in and around their home, which may leave some struggling to fund their retirement.

However, around 550,000 over 50s won’t fork out for a tradesman. Around one in five say they can’t afford to pay someone to do the work needed, while the same number of people say they are going to try and fix it themselves.

People in Edinburgh are the most likely to say something in the home needs fixing (54%), while those in Milton Keynes are the least likely to say something in or around the house is broken or damaged (36%).