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Home Improvement

Aging – You and Your House0

By the time you hit your 50s, most people made a few major life investments. Unless you are a boat guy, I think of the big three as car, family and home. Apparently, one of those may need a little TLC.

According to a recent survey by Saga Personal Finance, 34 percent of 50-somethings in the UK are desperately in need of home repairs. Sadly, one in seven can’t afford to spruce things up, opting to let nature take its course.

Naturally, this is a horrible plan, especially when the top problems include issues with the roof, the drainage and gutters. Without proper maintenance, a home loses its value, it may not be safe to live in, and homeowners inadvertantly spend more money on heating and colling bills.   

Insurance provider Saga is using the survey results to promote their lifetime home equity loan program. Andrew Goodsell, Executive Chairman, Saga Group commented:  “People are living longer which means that retirement incomes have to stretch a lot further to keep up with inflation. Many retirees find they need additional cash, whether it is to make every day life easier, fund house repairs, take the trip of a lifetime, or to contribute to care in later life.”

Even with a home equity loan, the DIY route might appear attractive as one way to stretch that money. Another Saga survey says that 42 percent of over-50 Britons have more confidence than ever. More confidence with power tools perhaps? Sounds like another survey could be in the works . . .

by Rachel Cericola

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