As a result, British homeowners are storing up a list of repairs with a cost totalling on average more than £24,000, new research has found.
Worryingly, according to a poll undertaken by trades search website myjobquote.co.uk, over half the homeowners who responded said there were potentially dangerous risks in their homes that were not being addressed. The main reason for this with almost three quarters of homeowners is that they simply can’t afford the repairs, so they let them drift.
Problems cited were things like dodgy plug sockets, faulty electrical installations, leaking plumbing and broken windows.
It seems that many of us don’t look beyond the monthly mortgage repayments when it comes to managing the costs of our homes.
There is of course a straightforward way around this. Buying a new build home from a reputable housebuilder like Allison Homes means that there should be no repairs required. Everything is new and shouldn’t require repair or replacement for some time.
New build homes are also more energy efficient than older homes. According to Energy Performance Certificate data, more than eight out of 10 new builds have the top A or B rating for energy efficiency compared to just 2.2 per cent of existing properties. Government data shows that as a result, new homes are using on average 103kWh/m2 worth of energy compared to an average of 294kWh/M2 for existing homes.
This means that new build home owners will spend on average £443.30 a year (£276 heating/£108 hot water/£60 lighting), well under half of the £1,072 the owner of an older home can expect to spend – saving, on average, £52 a month, or £629 a year.
You could spend the cash you’re saving on energy and repair bills or on something more interesting – a season ticket to your favourite football club or pay your broadband bills for example.
