Most of the times, retirees plan to stay within their current home after their retirement and more than 60% of the population doesn’t plans to move. Such surveys indicate that home renovations are popular even in the down age and it has also become a popular extracurricular activity for the elders.
Another study has revealed that more than 20% of the elderly homeowners prefer to have some kind of upgrades and remodeling in their home to make it friendly and safe for them. Some of these advancements include new faucets, easy to operate appliances, anti slip floor and removing extra furniture. Here are the popular trends in home deigning and renovations that are relevant to retirees and prevalent in Singapore:
- Appearance of home matters for most of the elderly people. This is the foremost reason why people prefer to have a renovation. Other common reasons for renovations include the increase of efficiency and functionality. None of these people look towards boosting resale value as they love their homes the most!
- Millennial homeowners came out to be the most enthusiastic renovators in the league. As high as half of the retirees prefer to rework on their home and upgrade the facilities while spending money.
- Geographical location drives the renovations and thus, it is unlikely that the remodeling of a home is dependent on age. People in the northeast prefer to spend their money on interior upgrades while the population from South and West is more focused on outdoor renovations. Another notable thing is that the least renovated areas a home office, laundry rooms and the basement. The most popular renovation factor is painting the hoarse.
- Boomers tend to spend more on projects. As high as twice the cost. They are more interested in major and minor renovations.
- As high as 90% of the adults pay most of the part of the remodeling out of their personal savings and 25% of them use their credit cards and rest 15% might use loan to take up renovations.
- It is considerable that 80% of the people that want renovations for their home prefer to take professional help. Almost half of them use home renovation services while others opted for special renovations, electricians, plumbers and other individual service providers. Old homeowners are more leaned towards general contractors and rely more on the guidance provided rather than family or friends.
- Another unfortunate thing is that the biggest challenge for starting a new home renovation was to find the perspective service providers. Majority of people chose services on behalf of recommendations and found difficulty in researching right services as well as material. Finding the financing and stay on budget services is hard and this also affected their decisions many times.
However, the increased use of digital media has helped these retirees to find the best renovation services in Singapore at the tap of keys only!