Over half of homeowners are choosing to ‘improve not move’, investing heavily in their current property rather than purchasing a new one.
A survey of 2,000 property-owning adults revealed that 41% ‘love’ their home, leading to 53% wanting to modify it to meet their evolving needs.
The primary reason prompting individuals to consider moving is the concern that their home may not cater to their mobility requirements as they age.
The study discovered that the average homeowner has resided in their property for approximately 15 years, with comfort and familiarity being key factors for 53% who view their current residence as their ideal home.
Sam Stannah, CEO of Uplifts, a home lift manufacturer which commissioned the research, commented: “Clearly, many people love the homes they live in – but there’s an acceptance that life can change in a heartbeat.
“We all cherish our homes, the research confirms this – however, what’s truly eye-opening is the level of anxiety that arises when we consider if the home we love today will continue to meet our needs in the future.
“The findings have shown homeowners are very much aware they might have to make a decision to move home or renovate to meet their changing mobility needs. But also, there are plenty of owners on the ladder who don’t feel their current property quite matches what they want in terms of space and location, currently.”
The poll found that 15% of respondents have mobility issues, with climbing stairs, getting out of bed and reaching high shelves being the main challenges faced.
A survey has revealed that 61% of homeowners believe their current property is spacious enough to accommodate any changes should their health needs alter. Furthermore, 41% had already taken these potential requirements into account when buying their home.
Checkatrade estimates that the average cost of a house extension ranges from £30,000 to £42,000. This figure is more than double the average amount respondents are willing to spend to meet changing needs – a mere £14,000.
The stress of moving aside, Halifax, a mortgage lender, estimates that the total cost of moving house, including stamp duty and conveyancing, can reach up to £12,000.
However, only a small fraction of adults, 9%, have considered installing a home lift as a realistic solution to aid mobility between floors.
Sam Stannah, from Uplifts, commented: “The research indicates many people believe installation of products to improve their home may feel out of reach.
“And as a result, the heartbreaking decision of having to leave a beloved forever home can become a reality for many. However, installing a home lift can be done without disrupting the layout of a home or requiring invasive or costly work.”
Ultimately, deteriorating health and the need to downsize were the primary reasons respondents would consider selling their homes if necessary.
Those who are eager to move cited their current location, an overwhelming number of things to fix, and insufficient room size as the main motivations to list their property.
