Save money and time with a new home in Maldon
The majority of people vastly under-estimate how much they’d need to spend to bring an older second hand property up to the same standards as a brand new home.
New research by UK housebuilder Redrow Homes – currently building waterside homes at The Lakes in Heybridge, near Maldon– shows many people expect to spend far less than it would actually cost; and almost half have no idea how much to set aside.
One in five of those surveyed thought up to £5,000 would be sufficient when, in reality, Redrow has demonstrated that it could cost as much as £30,000* to bring an old property up to the same standard as one of their brand new homes.
Those questioned lived in homes built between the pre-1900s to 1979; two-thirds had carried out DIY work in the last 18 months and a third said there were currently jobs which needed doing. Where work was required, a massive 63% had no money set aside to cover the costs.
Of those who’d undertaken DIY in the last 18 months, almost half had painted and decorated, 7% had replaced their bathroom and 5% had installed a new kitchen. Some 12% said repairs, maintenance or home improvements were “ongoing”.
Kim Peters, group sales and marketing director for Redrow, said: “It’s clear from our research that home owners are spending a lot of time and money on maintaining or improving an older second hand property. People often buy an old house to ‘fix up’ because they think they can’t afford a brand new one, but our figures show it can be a false economy.
“We’ve calculated that installing a new kitchen and bathrooms, redecorating throughout, installing a new heating system, replacing windows and other items in a typical three-bedroom home could easily add up to £30,000.”
A brand new Redrow home is also up to 40% more efficient than one built only 10 years ago, so potentially cheaper to run over time; it includes integrated appliances covered by manufacturers’ two-year guarantees; and comes with an NHBC 10-year ‘Buildmark’ warranty.
Those worried about the very ‘newness’ of a new home will be pleasantly surprised by Redrow’s New Heritage Collection, which features traditional looking Arts & Crafts inspired homes.
“We recognise that people want modern, family friendly, open plan layouts, high quality fixtures and fittings and the latest kitchen and bathroom designs inside; but outside they want to see a home with lots of character. Our New Heritage Collection has been designed to provide the best of both worlds, with homes proudly built by dedicated craftsmen,” Kim adds.
The evidence can be seen at The Lakes, a picturesque new homes venture surrounded by water on three sides. It enjoys beautiful views of the River Blackwater and the properties are close to the picturesque Heybridge Basin, which offers walks along the sea wall.
The Lakes is within easy reach of the historic town of Maldon, which is one of the oldest recorded towns in Britain; and is opposite Maldon’s Promenade Park, with its many acres of open space and children’s play areas.
A beautiful five-bedroom Otford is priced from £415,950 and a four-bedroom Portswood from £449,950.
For more information on The Lakes, head down to the development on Hall Road, to see the show home, open daily between 10am and 5.30pm.
* £30,000 estimate (inc vat) is based on upgrading a typical three-bedroom house to include new kitchen units and appliances; a new heating system; replacement wiring and remedial plastering; additional loft insulation; redecoration including materials; new bathroom suites, including ground-floor cloakroom and en-suite; replacement windows; new guttering including fitting; and replacement of fascias.
