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Would you spend more for a character property?

Would you spend more for a character property?

Category: Money
30/04/2018

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

We all have our own ideas of what makes a dream home, and for many people, character features are at the top of the list. But how much more would you be willing to pay for those kinds of additions – and could those features even help you save money in the future?

According to research from Heatingoil.co.uk, high ceilings (15%), original fireplaces (14%), a wood burning stove (13%), an AGA/range cooker (11%) and original flooring (9%) topped the list of the most desirable character features, and some people would be willing to pay a fair amount extra for them.

For example, respondents were willing to pay an average of £703.72 extra for a home that came with an AGA, while high ceilings could command an additional £739.04, so many people really would pay a premium for that character charm.

Some would even be willing to sacrifice other features for the sake of character, and many would give up extra space: almost a quarter said they'd be willing to give up a basement and 13% would forego a conservatory, while 9% would even sacrifice transport links and nearby amenities in return for a bit of character charm.

However, making a few sacrifices could well pay off in the long run, as some of the most sought-after character features, such as wood burning stoves, can often prove highly cost effective. Indeed, according to the Energy Saving Trust, wood burning stoves are cheaper to run than other heating options and can have lower emissions, too, so that extra outlay could pay dividends in terms of cheaper heating bills in the future.

Angus Blundell, director of Marketing at Heatingoil.co.uk, commented on the findings: "There was once a trend for ripping out features in old homes to make way for dust-free minimalism, but we are glad that people are falling in love again with character features.

"Many homeowners now see character features as luxurious and are putting wood burning stoves, AGAs and roll top baths back in their homes. These are not only coveted home accessories but often sensible options in terms of energy; AGAs and wood burning stoves not only look great but they are brilliant for heating our homes. AGAs are made from cast iron and are therefore extremely good at efficiently storing heat, making them lovely and warm at all times."

Have you been tempted by this kind of feature, or would you consider looking for a home with character in future? It could well pay off, but just remember to check the efficiency of your home as a whole. While putting an AGA in a newer home could be great way to cut energy costs, older homes are known for being less energy-efficient, so you may have to be prepared for a trade-off.

Depending on the kind of home and heating system, you may still need to watch out for high gas and electricity bills, too, so make sure you're getting a low-cost deal that can keep your heating bills to a minimum, no matter how characterful (or otherwise) your home may be.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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