Is your home well suited to cater for your needs in later life?
According to new research, the majority of over 55s say their current home is not ready for the future.
The research, contained within the report ‘Tackling the Care Question’ from adviser Key found that the provision of care at home is preferable, but many homes will be unable to accommodate future care provision.
Nearly half of over 55s have a desire to remain in their homes if they need care in the future, and another 28% would want to live in a more manageable home or sheltered accommodation, should the need arise.
Only 5% of those surveyed said they would expect to live with other family members if they needed care in the future, and 4% would willingly choose residential care.
While there is clearly a widespread desire to remain in the home if future care needs arise, the research found that only 21% of over 55s believe their current home is suitable for future care needs.
They estimate that more than £8,000 would need to be spent to ‘care proof’ homes for the future.
Potential home improvements required to ‘care proof’ homes include adding a ‘wet room’, a stair lift, or improving accessibility to the property.
Will Hale, CEO at Key, said:
“The vast majority of people want to receive care and support in the familiar surroundings of their own home but only one in five people believe that their home is suitable if their health does decline as they get older.
“Indeed, flights of stairs, a big family bathroom and a multi-level garden might be incredibly desirable for a growing family but tougher for an older couple to manage.
“Over-55s estimate that they need to spend in the region of £8,000 to ‘care proof’ their current home with those in Scotland spending less and those in the South West needing to budget more.
“The need to make these changes may feel like a long way off for those early in retirement but it is important to consider whether your current home could work for you as you get older, otherwise it may be worth exploring other options including a move to a more suitable property.”
When thinking about future costs associated with care provision, speaking to a specialist Financial Planner is essential, so you can consider the full range of choices and options available.
The information contained in this blog post does not constitute advice or recommendations. You should seek independent financial advice before acting on any information on this website.