Thousands of people around the UK have already taken advantage of the equity locked away in their homes to fund a brighter, more fulfilling retirement. Below, we take a look at one of the most popular reasons people chose equity release: to fund home improvements.
After retirement, most of us have more time to spend at home so it is only natural that we should want to get the most out of our surroundings. Whether you’d like to build an extension, landscape your garden or install a new kitchen or bathroom then equity release could enable you to fund this dream.
One of the many benefits of equity release is that the capital freed up is yours to do with as you please. You do not have to worry about making monthly repayments – unless you would like to, of course. You can remain living in your property for as long as you wish enabling you to live a long and happy retirement without the upheaval of moving home.
Below, are just some of the reasons our clients tell us they have chosen equity release to fund home improvements.
- Garden landscaping – as you grow older you may find your garden is harder to manage. By releasing equity from your home, you could pay for your garden to be professionally landscaped to meet your changing needs. You may wish to lay a lawn, install a patio or low-maintenance shrubs and planting.
- Adding a conservatory – with more leisure time available to them, many of our clients choose to enhance their homes by building a conservatory. For many this can provide a quiet sanctuary where they can enjoy their garden, watching birds and other wildlife and, hopefully, many hours of sunshine.
- Updating your home – if you feel your home is in need of updating with a new bathroom, kitchen or decoration and furnishing then equity release could be a good option for you.
- Adding an extension - for some people retirement also allows them the time and freedom to undertake larger home improvements such as converting a loft or adding an extension. We offer a wide selection of plans many of which enable you to release a large lump sum of money that could help you cover all the costs upfront. Completing building work of this kind may also increase the value of your home enabling you to release more cash in the future.
- Help with the cost of running your home – after retirement, many people find themselves with a reduced amount of income and it can become increasingly difficult to cover the cost of household bills. With gas and electricity costs and council tax seeming to be constantly on the rise many people can feel they have no option but to sell their propriety and downsize. Most equity release plans allow you to receive smaller payments rather than one large lump sum. This can allow you to drawdown money when you need it to help with bills or other unexpected expenses.
- Home improvements to meet your changing needs - As we grow older we sometimes also need to make improvements to our homes to meet our changing needs. Whether it is installing a stair-lift, building a walk-in shower or adding handrails and other safety features equity release could enable you to continue to live independently in your home for many years to come.
You can find out more about equity release for home improvements by calling one of our trusted advisors on 0207 158 0881. You can also find out how much equity you may be able to release by using our free equity release calculator.
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