Have you researched the value of your parent’s home? According to a recent study, 50% of participants said they have, and 2/5 think they would use inheritance to buy a home. According to recent research, the majority haven’t even brought up their inheritance with their parents. People who inherit from their parents may expect an average of £195,687, most of which (£182,621) will come from property inheritance.
Here, we look at some research and statistics regarding inheritance expectations.
Zoopla analysis
In December 2022, 2,000 people who own a home and have at least one living parent participated in a research by Zoopla. According to a Zoopla survey, 43% of people with at least one property-owning parent plan to use inheritance money to purchase a home. Only 30% of respondents claimed to have talked to their parents about how much they might inherit.
58% of participants said they anticipated being able to relocate, modify their home, or pay off some or all of their mortgage if they received the sum. It also suggested that 36% of respondents are renting until they inherit, at which point they will buy and move up the housing ladder, while 29% have gone as far as to purchase a home on the premise that they will receive an inheritance in the future to help with the mortgage.
Financial Awareness
Many of those who have researched the value of their parents’ homes state it was for the benefit of their parents’, with 36% saying it was to give financial advice. However, one-third (33%) admit they looked into the value to gauge their inheritance, while 27% did so out of curiosity.
Many respondents admitted planning for the home they hope to inherit while their parents still reside there in addition to assessing the home’s value.
Property Upgrades
More than half (44%) of those anticipating inheriting a property have plans for how they would improve it, and, perhaps shockingly, one in seven (14%) have already started making modifications.
Less than a third (33%) of people who have parents who own a home have asked them how much they are likely to inherit, despite the fact that 68% of those persons anticipate inheriting it.
The most frequent excuse given for not asking is that many people (30%) feel it is none of their business, while 13% decide against it out of embarrassment.
Contact Fleetwood Heir Hunters on 0208 9707486.