Britons struggling to achieve a comfortable retirement could be blissfully unaware that they’re sitting on a goldmine – as many people over 50 don’t know the true value of their property, a poll has revealed.
In a poll of 11,700 over 50s by the Saga Equity Release Advice Service, a third (31%) of homeowners said they view their property as a way to fund care in later life, while a quarter see it as a source of income for their retirement.
Despite this, just a fifth of people over 50 say they have arranged a professional valuation of their home. When people do estimate the value of their home around half will look at property websites, while almost two thirds take their chances on property pages, using their own judgment to tag an approximate value on their property.
Given the recent growth in the property market and the lack of knowledge about the value of their home, many homeowners could be in for a pleasant surprise.
Saga estimates that around £70 million in ‘hidden value’ may have been added to the homes of the UK’s over 50s in recent years. Statistics show that the property wealth of older people has increased from £2,198 billion in 2011 to £2,270 billion in 2013.
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