New research carried out by the Home Builders Federation has found that the cost of upgrading an older property to the same standard as a new build home could be as much as £50,000. The publication of the data comes at the launch of this year's New Homes Week which aims to highlight the many benefits for consumers of buying a new build home.
From the benefits of living in an energy efficient home that could save you hundreds of pounds on your utility bills each year, to the brand-new fixtures and fittings that come as standard, buying a new build home offers many advantages when compared to buying an older property.
The research looked at the work that might have to be carried out when people move into an older home, and what would have to be done to a home to bring it up to the standards of a new property which also comes with a warranty protecting the buyer from liability on structural problems within the first 10 years. Whether it's the price of buying and fitting a new kitchen (£7,900) or having a house rewired (£8,850), the costs for people moving into an older home can quickly mount up.
For a homeowner who wants to get the same standard of finish and functionality they could expect from a new build home, the cost could be up to £51,643. This includes paying out for:
. Kitchen - £7,900
. Bathroom - £3,800
. Central heating - £6,185
. Wiring - £8,850
. Plastering - £5,240
. Decorating - £2,500
. Flooring - £2,628
. Insulation - £775
. Windows and doors - £4,900
. Roofing - £4,000
. Guttering - £690
. External rendering - £4,175
And the savings continue: while just 26% of second hand homes achieve an energy efficiency rating of A to C, 94% of homes built in 2016 could boast such standards.
Commenting on the figures, Stewart Baseley, executive chairman of the Home Builders Federation, said:
"Buying a new build home offers a huge amount of benefits for the customer. Whether that's the service and support you'll receive from dealing with highly trained sales staff, to getting the benefit of living in a brand new home with the latest in energy efficiency technology and building techniques.
"This research helps to highlight the hidden savings that buyers of new build homes save when choosing brand new over an existing home. And while most people will have a budget put aside to get the little jobs done, the costs clearly add up.
"£50,000 is a lot of money by anyone's standards, and this year for New Homes Week we really want to drive home just how much new build home buyers get for their money."