Home Property Buying a new home remains on the bucket list for over 50s

Buying a new home remains on the bucket list for over 50s

by LLP Reporter
7th Jul 20 1:43 pm

For many, hitting the big five-oh is a big deal. A milestone age that gives you chance to reflect on your life and make plans for the future.

Newly released research has found that buying a new house is high-up on the average bucket list, so the rumours that a likely stamp duty holiday is on the cards will be welcome news to many in this age bracket.

SunLife polled 3,000 over 50s and asked them to name the three things they want to do before they die, and the top choices were holidays, big purchases – the top one is buying a new house – and learning a new skill.

The most popular holiday destinations were America, Australia and New Zealand, while top attractions included the Northern Lights and Elvis Presley’s home, Graceland.

A new house was top of the list, while holiday home also featured in the top five. Other big purchase goals included a new car or a boat, while the skills 50s would most like to learn are a new language and a musical instrument. Giving up smoking and drinking were high on the as well as experiences like Sky diving and meeting an idol.

Overall, the person most over 50s would like to meet The Queen, but amongst those ages 50-59, the top choice was Bruce Springsteen while for those in their 60s and 70s it was Sir Cliff Richard.

Other bucket list goals for over 50s include trying lobster, watching their home nation win the World Cup and reading War and Peace!

Ian Atkinson, marketing director at SunLife said, “For many, 50 is a real milestone age; people tend to look back and take stock of everything they’ve done or achieved so far and then look forward to all the things they still want to do, and apparently for most people, that is to go on a dream holiday!

“Sadly, for most, that isn’t possible at the moment, so it might be that over 50s need to look at some of their other bucket list goals for now.”

Moving house could be a possibility, and with rumours that a stamp duty holiday might be on the cards, it could be that some older people look at this bucket list goal sooner rather than later.

SunLife’s research reveals that 76% of over 50s say they feel they have more time to do things they like to do now, while 70% say they are able to think more about themselves more – so for many now is the perfect time to start ticking things off that bucket list.

Atkinson added, “Quite a few of the top bucket list goals are fairly expensive – dream holidays, new homes, cars etc. Our blog ‘how to make money in retirement’  could help those looking to raise some extra cash to achieve them.

“For homeowners over 55, equity release could offer a solution. The cash released is tax-free and can be used for anything – some of the top reasons why people do equity release are to fund dream holidays and big purchases like new cars.”

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