Spending on home improvements in later life
Part of the Life Well Spent Report 2024
Most of us dream about having the ‘perfect’ home. But can people over 50 afford to make home improvements while the cost of living is still so high?
How popular are home improvements with the over 50s?
Almost 3 in 4 (73%) over 50s have spent money doing up their house in the last five years, compared to 74% in 2023.
Once again, painting and decorating is the most popular home improvement, with 53% of over 50s picking up a paintbrush (-1% since 2023).
And just like last year and the year before, this is followed by new carpets or floors at 30% (also -1% since 2023), and garden landscaping at 23% (+1% since 2023).
Over 1 in 4 (27%) of over 50s didn’t spend anything on home renovations at all – +1% since 2023.
Home improvements make us happier
Just like in previous years, spending money on home improvements makes people over 50 happier. 86% of people who spent on home renovations say they felt happier as a result.
The home renovation that increases happiness the most is a loft conversion, with 9 in 10 over 50s saying this made them happier. With a 1% drop since last year, a new extension came in a close second at 89%.
This is followed by garden landscaping at 88% (-1%). And at 86% (-2%), a new bathroom is now the fourth home improvement to bring the most joy – although it’s closely followed by a new kitchen at 84% (-3%).
Which home improvements make us happiest?
| Home renovation | % who claim renovation improved overall happiness |
|---|---|
| Loft conversion | 90% |
| Extension | 89% |
| Garden landscaping | 88% |
| Bathroom refitting | 86% |
| Kitchen refitting | 84% |
| New carpets/floors | 81% |
| Replacement windows/doors | 80% |
| Adaptations for reduced mobility | 78% |
| Conservatory | 77% |
| Painting/decorating | 77% |
| In-built storage solutions | 76% |
| New/renovated outbuilding | 76% |
| Driveway repair/extending | 72% |
| New/renovated garage | 71% |
| Energy-saving renovations | 66% |
| Roof repair/replacement | 66% |
How much are the over 50s spending on home improvements?
The priciest home renovations are still extensions. The average spent on an extension is now £26,417 – £2,598 less than in 2023 (and over £5,500 less than in 2022).
Only 3% of over 50s have extended their home in the last five years (+1% since 2023). Whereas 53% (-1%) have spent money on painting and decorating, which costs just £563 by comparison (although this is £90 more than in 2023).
Average spend on home renovations by the over 50s
| Home renovation | Average spend | % of over 50s spending on this (Change since 2023) |
|---|---|---|
| Extension | £26,417 | 3% (+1%) |
| Loft conversion | £8,806 | 2% (+0%) |
| Kitchen refitting | £7,961 | 16% (+14%) |
| Conservatory | £7,592 | 3% (-11%) |
| Bathroom refitting | £4,225 | 20% (+3%) |
| Replacement windows/doors | £4,384 | 16% (+10%) |
| Energy-saving renovations | £3,964 | 8% (-7%) |
| Roof repair/replacement | £3,916 | 13% (+1%) |
| New/renovated garage | £2,318 | 11% (+9%) |
| Driveway repair/extending | £2,709 | 7% (+2%) |
| Garden landscaping | £2,191 | 23% (+1%) |
| Adaptations for reduced mobility | £1,708 | 4% (-1%) |
| New/renovated outbuilding | £1,323 | 11% (+6%) |
| In-built storage solutions | £1,315 | 5% (+4%) |
| New carpets/floors | £1,220 | 30% (-1%) |
| Painting/decorating | £563 | 53% (-1%) |
Dream home improvements
If money was no object, people over 50 would still most like to redo their kitchen. 35% name it as their dream renovation (-1% since 2023).
Also like last year, new carpets or floors are next on the ‘dream renovations’ list at 34% (-1%). Third is painting and decorating at 31% (-3%).
A new bathroom follows at 30% (-2%), then garden landscaping at 26% (-2%).
Most don't think they'll be able to afford dream home renovations
Most over 50s say they expect their dream home renovations to cost £28,665 on average – £6,758 less than in 2023.
But 62% say they may not ever be able to afford their dream home improvement (-4% since last year). In fact, only 17% are confident they’ll be able to carry out their dream renovations at some point (+1%).
Out of all the age brackets, the over 70s have the most confidence that they can afford their dream renovations (20%). But the happiest over 50s are the most confident overall, with 27% saying they can afford it – compared to an average of just 9% for those who aren’t as happy.
For some, equity release could be one way to make their dream home renovations possible.
This article forms part of our Life Well Spent report, which looks at the relationship between happiness and big purchases in later life. You can read the other sections of the report below or download the full report (PDF).