As households across the country are encouraged to take a closer look at their finances during UK Savings Week, taking place from 21st to 27th September, Barratt Homes is highlighting how buying a brand-new home could help Cumbria house hunters make savings that extend beyond the initial purchase.
With the cost of owning and maintaining a home an important consideration for buyers, the housebuilder is encouraging people to look beyond the asking price and consider the potential long-term costs of an older property, from energy bills and maintenance to unexpected repairs.
Barratt Homes, part of Barratt Redrow, is shining a spotlight on the benefits of buying new as part of the national awareness week.
Modern new-build homes are designed to meet current building standards and can offer homeowners greater energy efficiency than older properties.
A brand-new home could be up to 21% more energy-efficient than an older home, potentially saving homeowners up to £420 a year on running costs, according to Home Builders Federation. Features such as highly efficient insulation and double glazing are designed to help retain heat and reduce energy use.
For buyers, this means that the potential value of a new home should not be measured by the purchase price alone.
A brand-new property can also help reduce some of the costs commonly associated with older homes, including major upgrades or repairs to heating systems, roofs, windows and electrical systems.
For example, homeowners undertaking significant improvements to an older property could face costs of around £5,000 to £9,000 for a full rewire, £4,500 to £8,500 for a new heating system, and £10,000 or more for a kitchen renovation, depending on the property and specification (ERD Ltd). When combined with other necessary repairs or energy-efficiency improvements, these costs can quickly add to the overall expense of homeownership.
Another potential saving comes from the reassurance offered by a new-home warranty. Barratt Homes properties come with an NHBC warranty and insurance policy, including an initial two-year builder warranty period followed by a further eight years of insurance cover for qualifying structural issues.
This can provide buyers with greater financial certainty during the early years of homeownership, when unexpected repair bills can otherwise put pressure on household budgets.
Alan Watt, Sales Director at Barratt Homes Manchester, said: “UK Savings Week is a great opportunity to think about the different ways we can make our money go further.
“When buying a home, it is important to look beyond the initial purchase price and consider the longer-term costs of living there. Energy efficiency, maintenance requirements and protection against certain unexpected structural issues can all make a difference to household finances over time.
“For buyers across the county, a brand-new home can offer the opportunity to start with a blank canvas, while also benefiting from modern construction, greater energy efficiency and the reassurance of a new-home warranty.
“We are proud to be creating high-quality homes and communities that are designed not just for how people live today, but for the years ahead.”
For more information about any developments in the county, visit the website at Barratt Homes in Cumbria.
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