Retired homeowners are increasingly using the money they have in their asset to improve their quality of life – and their garden.
According to the latest Equity Release Market Monitor report from Key Advice, pensioners with their own property increased their finances by an average of £76,967 in the three months leading to October 1st by releasing equity from their home.
This is a jump from £71,483 for the same period last year, meaning retirees are currently benefiting from a £5,500 pay increase since 2017, the Financial Reporter revealed.
According to the organisation, the most popular thing to do with the money is to improve homes and gardens, with two-thirds of those who released equity in the third quarter of the year choosing to re-invest their cash into their asset.
Chief executive officer at Key Will Hale said: “Paying for home and garden improvements which often help people to ‘age-proof’ their home remains the most popular use of money.”
He noted that 30 per cent used their proceeds to repay unsecured debts, such as credit cards and loans; 21 per cent paid off their mortgages with the cash; while more than a quarter gifted some or all of the money to friends and relatives.
Mr Hale stated that equity release plans are becoming increasingly flexible, allowing homeowners to “use their money in the most appropriate way for them”.
Those who want to make their garden a more enjoyable place to be in might be tempted to follow some of the ideas suggested by David and Harry Rich, who recently spoke to House Beautiful about 2019’s gardening trends.
They suggested adding light fixtures to outdoor space to allow homeowners to make better use of the garden all year-round, while topiaries and other evergreens will add texture and structure to patios.
If you want to spruce up your backyard and give yourself a peaceful place to spend your twilight years, get in touch with professional gardening services in Enfield today.