A new survey has revealed that many homeowners in the UK are struggling to budget for unexpected property repairs and maintenance.
Housing experts recommend having an emergency fund equivalent to one per cent of the value of a home. A survey of 3,000 property owners found that many do not have the safety net to correct any issues with their home.
With the latest figures indicating average house prices have reached over £215,000, that would mean having a savings pot of over £2,000 in case of a disaster. While this of course is a sensible approach, very few people are able rely on this amount of money when something goes wrong.
Cost of repairs
The survey by rubber roofing specialists Rubber4Roofs found that people in the UK only budget £1,438.98; that’s a national shortfall of over £700, which is not ideal if a boiler suddenly breaks down or you discover a roof needs repairing.
For many housebuyers the prospect of repairing and maintaining older homes means they favour a brand-new home. Over half (58 per cent) of first-time buyers said they preferred new build homes and there is a long list of reasons why this may be the case, including the home being exactly how a buyer wants it when they move in and the reduce maintenance/repair costs.
The findings back up recent figures from the Home Builders Federation, which found that in total, the cost of bringing an older property up to the same standard of finish and functionality they could expect from a new build home is £51,643.
Part of the £50,000 spend includes improvements inside the property, including a new bathroom (£3,800), flooring (£2,626) and general decoration (£2,500).
Buying a new home
Buying a brand-new home offers a wide range of benefits for first-time buyers and those looking for something different, whether it be a young family or couples looking to downsize.
As well as reduced maintenance and repair costs, there is the added bonus of moving into a home that you have been able to influence when it comes to the final finish. Choosing how a home will look and stamping your personality on a property without the need to completely redecorate.
To find out about Avant Homes’ all-inclusive new specification and the choices available in a new home click here.