How to upgrade your home to maximum effect using stamp duty savings

Set up a home office with stamp duty savings.

Changes to stamp duty mean it will now only be payable on property purchases above £250,000, while first-time buyers will pay tax on purchases starting at £425,000. This move can save the average homebuyer £2,500, while first-time buyers stand to save up to £8,750.

These savings will allow for significant improvements to new homes, to add value to the property, and reduce energy costs in colder winter weather, during the current cost of living crisis.

With the average homebuyer saving £2,500, this could be used to install a brand new home security system and burglar alarm at a cost of £525. Then double down on security by changing the door locks - always a smart idea when moving into a new home - for an average cost of £325.

New homeowners could also use stamp duty savings to pay for a professional painter and decorator to revitalise the home at a cost of around £400 per room, and pay for a full deep clean of the property for around £140.

Homeowners can install smoke and carbon monoxide alarms throughout the home for a cost of £125, before turning attention to the exterior and paying for the guttering to be cleaned for about £100.

With an eye on energy efficiency as the cost of living spirals, owners could pay around £90 for a fully-certified boiler service.

Alternatively, use the £2,500 to cover the vast majority of the cost of installing a brand new boiler which averages around £3,000.

For first-time buyers, the stamp duty saving is significantly higher at an average £8,750. With this sort of money, first-timers can do all of the mentioned improvements and still be left with change.

Upgrading security on your new home is a worthwhile way to spend money saved.

A complete alternative could be installing a summer house or garden office. Starting at a cost of £7,674, this would bring an entirely new dimension to the property’s outdoor space by adding a brand new, fully functional area to the home.

Not only will this improve the owners’ quality of life in the home, it can add value to the property when the time comes to sell it.

For a more frivolous option, owners who would rather add something fun and glamorous to their new home, could consider the popular option of a hot tub at a cost of around £1,119.

Ettan Bazil, CEO of Help me Fix said: “A maximum potential saving of £2,500 may seem fairly insignificant when it comes to the overall cost of buying a property, but it’s a very tidy budget when it comes to making some basic but important improvements to your new home.

“It’s rare to find a buyer who won’t want to put their own stamp on a property, but there’s a whole host of tasks that are highly advisable when moving house, such as changing the locks.

“For many, these tasks often get put on the back burner having just accomplished the huge task of saving for a mortgage deposit, so the latest cuts to stamp duty will, at least, help people get their house in order sooner, rather than later.”