We love a character fireplace and ornate cornice as much as the next person, but these period features can come at a price in the long run.
What are period properties?
A period property is one that was built before 1919. And with age comes upkeep, so we've taken a closer look at the true cost of owning an older home. On average, period home owners have spent more than £19,213 maintaining and repairing their home since the start of 2022.
This is nearly two-and-a-half times the maintenance cost of non-period homes since 2022 (£8,496).
In total, that works out as an extra £700-a-month spent on maintaining a period home, since 2022 - a significant proportion of the current average monthly mortgage cost of £950.
And over the whole time they’ve been in their period home - which averages 16.8 years - owners of period homes have spent a whopping £68,000 on upkeep.
What are the most common issues with period homes?
Most of the time, these maintenance costs are on fixing external elements of a period home. This includes:
Roofing
Brickwork
Garden maintenance
External walls
Leaning chimneys
Period homeowners have spent an estimated £12,865 on these external fixes since 2022, whereas owners of non-period homes only spent £4,314 on them.
And when it comes to internal maintenance, period homeowners have spent a further £6,348, covering things like:
Flooring
Bathrooms
Electricals
Removing mould
Upgrading insulation
Fixing wiring and electrics.
On the other hand, those in non-period homes have only spent £4,182 on internal maintenance. It drops to just £2,915 for those who own a new-build home (built in or after 2020).
Is it worth buying a period property?
Buying a period property doesn't always come with regret. 72% of period home owners say the costs are ‘worth it’ and they don’t regret their purchase.
Many period homeowners think that older homes have more character (55%), others love the architectural style (45%) and a third (33%) say original features are a key draw.
But it is true that the costs of running a period home have caught many homeowners out.
A fifth (22%) say they didn’t realise how much they would need to spend to maintain, repair and upgrade their property - or they didn’t envisage any costs at all..
And two in five (39%) period home owners say the final cost was more than they had anticipated.
What to check before buying a period home
Period properties require regular investment to keep them in good, working order. Be sure to look beyond simply the price of a property and factor in the ongoing maintenance costs when you’re looking for your next home.
And before you buy, invest in a property survey to identify any problems.
This will help you answer questions like:
How old is the boiler? They typically have a lifespan of 10-15 years.
Is there any mould that’ll need fixing? Sorting out leaky roofs, rising damp or poor ventilation can be costly.
What condition are the roof and chimneys in?
Are there any signs of Japanese Knotweed? This invasive plant has underground roots that will damage anything in its path.
Are there any signs of rot? You’ll need to confirm the extent of the problem and see if it’s treatable - if not, the timber may need replacing.
What are the most common house survey issues?
Looking for less maintenance? A new-build home could be the way to go
There are plenty of options when it comes to era and style of home, with many high quality homes on the market which require less investment in upkeep.
New-build homes are designed to take away the hassle and cost of upkeep compared to older properties.
Buying a new-build home: Everything you need to know
New builds are constructed to the latest building standards and regulations and, with only your own wear-and-tear to deal with, you’re unlikely to need to fork out for repairs for a good few years.
What’s more, most new-build homes come with warranties to protect you in the case of any issues. Defects are usually covered for 2 years while the structural warranty lasts 10 years.
New-build warranties: Everything you need to know
And if you’re worried about losing that homey feel of a period property, rest assured that there are plenty of design options to make sure your new build is totally your style.
You can often choose exactly how it looks, from the flooring, to the kitchen cabinets, to the garden design.
Whether you go for a new-build, or a place that has been on the block a little while longer, the most important thing is that you choose a home that works for you and your budget. We know you can find it on Zoopla.
Find a new-build home
Looking for a sparkling new-build home? We've got thousands to choose from.
