Research by EON claims – Homebuyers who turn blind eye to property faults end up paying more than £2.5K on surprise bills once they move in
· More people concerned about the feel of a house than whether it is going to flood or if some improvement work is required
· One in three said they don’t consider energy efficiency measures, such as central heating or double glazing while looking around a property for the first time
· Buyers spend on average £2,524 to improve the energy efficiency of a property once it’s theirs
Buyers who get swept up in the moment and avoid the practical questions when buying a home could end up losing more than £2,500 on unforeseen bills, according to new research.
The survey of 2,000 homebuyers found that more people are concerned about the feel of a house than whether it is going to flood or if some improvement work is required.
And one in three said they don’t consider energy efficiency measures, such as central heating or double glazing while looking around a property for the first time.
Buyers spend on average £2,524 to improve the energy efficiency of a property once it’theirs
But the research by E.ON also claimed that many buyers overestimate the cost of some improvements to the property.
They estimated the cost of having cavity walls insulated as being £975 on average, almost twice the typical cost of £500.
Similar pictures emerged for secondary glazing, with house hunters expecting to pay £648 on average per window, more than six times the typical cost of £100.
David Bird, managing director of E.ON’s residential business, said: ‘For most people, property is the biggest financial purchase we make. While it’s only natural to get drawn in by aesthetics, it’s important to think about the potential costs of running and improving the property too.’
One fifth of this group cited the fact that they didn’t understand the recommendations or didn’t read them, while one in 20 said they didn’t know what an EPC is.While an energy performance certificate provides an assessment of a property’s energy efficiency, the research found that 62 per cent of people surveyed said they didn’t act on any of the recommendations.
It follows separate research that suggests homeowners spend up to £50,000 to stay put and improve their properties rather than move.
It found that Londoners typically borrow £48,700 to do up their homes, while those in the North borrow less than half that amount, according to the figures by Nationwide.
Those who spend the most on home improvements also include people living in the South East at £32,900 and East Anglia at £28,000.
If you need to consult on the possible improvements that could be made to your home before you buy it or after you have taken up residence then please contact the Surveying Cymru Team and we will be pleased to advise you of what improvements may be suitable and exactly what the cost implications and long term saving swill be.
Looking forward to hearing from you.
The surveying Cymru Team.