The Hidden Costs of Owning a Period Home
More than a fifth of British homeowners live in period homes, defined as properties built before 1919. While these homes are often sought after for their character and charm, they come with a price. According to a new study, period home-owners have spent an average of £19,213 maintaining and repairing their properties since 2022.
The cost of maintaining a period home can be equivalent to a small mortgage.
The study found that period home-owners have spent significantly more on maintenance and repairs compared to non-period property owners. The average monthly spend on maintenance for period home-owners is £686, which is equivalent to a small mortgage. Non-period property owners, on the other hand, have spent an average of £8,496 since 2022, less than half the amount spent by period home-owners.
“There’s no denying that period properties are characterful and high-quality, with plenty of elements which draw buyers in, but these require regular investment to keep them in working order.” - Daniel Copley, consumer expert at Zoopla
The costs of maintaining a period home can add up quickly, with external elements such as roofing and brickwork, as well as interior issues such as upgrading insulation and electrics, being major contributors to the overall cost. In fact, just over a fifth of period home-owners said they did not realise how much it would cost to maintain their home, and a quarter regretted buying a property for this reason.
Many period home-owners regret buying their property due to the high maintenance costs.
The study also found that owners of homes from different periods report different levels of satisfaction. For example, about 30% of Georgian home owners regretted buying because costs have been more than expected, compared with 28% of Edwardian home-owners and a fifth of Victorian.
In conclusion, while period homes can be a dream come true for many homeowners, it’s essential to consider the hidden costs of maintaining these properties. Potential buyers need to factor in the cost of regular investment to keep their home in working order, and whether they will be able to budget for this upkeep in the long term.
