Homebuyers look to cutting the cost of DIY

Cash-conscious homebuyers are taking a long term view when conducting their property search and are increasingly looking to new homes due to the lower ongoing running costs, reports SmartNewHomes.com, which has conducted a national survey of over 1,000 active UK home searchers.

One-in-two of the homebuyers questioned stated the low maintenance of newbuild properties as their reason for buying new. Over 40% of respondents also cited the peace of mind offered by the standard ten year newbuild warranty as another key reason for choosing new over re-sale homes.

The promise of ongoing low running costs provided by new build also featured heavily in homebuyers’ decision making, with large numbers citing energy efficiency and modern appliances as further motives for buying new.

David Bexon, Managing Director of SmartNewHomes.com, comments:

“While people are still on the hunt for bargain prices, homebuyers are now looking at the bigger picture when conducting their search, forward planning to ensure that the maintenance and ongoing running costs of their new home are as low as possible.

“People are also increasingly conscious of energy saving in the home, and the environmental credentials of newbuild property have been made clear, thanks largely to the introduction of Energy Performance Certificates (EPCs). Homebuyers are now more concerned about the impact of their home on the environment, and perhaps more significantly these days, how this equates to solid cash savings.”

Cost and time of home improvements acts as deterrents to re-sale property

Analysis by Redrow Homes indicates that it can cost up to £30,000 to bring an older property up to the standard of new-build, once factors such as a new kitchen and appliances, bathrooms, rewiring, roof repairs, new central heating system and replacement windows are taken into consideration. In the SmartNewHomes.com survey, 13% of respondents who owned a re-sale home revealed that their overall spend on home improvements exceeded this amount, with over 10% having to dedicate more than 10 hours per week on average to DIY and renovations for their previously-owned home - equating to over three weeks of time for the year as a whole.

Clive Parry, group commercial director for Redrow, who build across England, Scotland and Wales, comments:

“It’s true, by purchasing a new home instead of an older second hand property, buyers could save themselves a small fortune in DIY costs, not to mention time and energy. A lot of people purchase an older home and then spend tens of thousands of pounds upgrading it. With one of our new homes everything has been done for them already, with an up to date specification and high quality finish; they also have the advantage of a 10-year warranty.”

David Bexon adds:

“New build homebuyers are able to move straight into a property that is already completed to a contemporary standard, with brand new appliances, windows and energy-efficiency heating systems, as well as interior design tailored to meet their requirements.

“Those purchasing re-sale properties can spend a huge amount of time and money renovating their home towards meeting this level of finish and efficiency. In the current climate, time and money are precious commodities, and expending large amounts of both on home improvements has become a luxury fewer are now willing to undertake.”

For more information and to search the database of new homes visit smartnewhomes.com.