Home improvements 'can be a worthwhile investment'

Posted: 10 Sep 2010 09:15:27 GMT

Improving a property is a worthwhile investment, one expert has indicated.

However, managing director at Sixty Plus David Wright said those who are thinking about releasing equity in order to fund such projects may want to consider other avenues first.

He explained there are a number of alternatives and downsizing to a smaller domicile could be a viable option, or borrowing cash from a bank is another.

"We are finding that the equity release market is starting to recover. It was perhaps natural that the relentless news of the credit crunch and banking crisis would make people pause for thought," Mr Wright stated.

Things are gradually getting back to normal, he remarked.

The specialist's comments follow the release of a survey by Saga Personal Finance, which revealed 34 per cent of Brits over the age of 50 have confessed their dwelling is in need of renovation.

And 15 per cent admitted they cannot afford to fix the problems, while 20 per cent of women observed they have had to let their abodes fall into disrepair due to a lack of funds.
 

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