Cost of bringing an older property up to same standard as a new build is over £50,000

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Cost of bringing an older property up to same standard as a new build is over £50,000

The cost of upgrading an older property to the same standard as a new build home in England and Wales could be as much as £50,000, new research has found.

The study from the Home Builders Federation (HBF) looked at the work that might need to be carried out when people buy a new home compared with the standard of a new build with its warranty protection.

It found that the benefits of buying a new build home includes the property being more energy efficient and that could save home owners hundreds of pounds on utility bills each year.

Other benefits of new homes include brand new fixtures and fittings that come as standard. For example, fitting a new kitchen could cost £7,900 and having a house rewired could cost £8,850, according to the research.

Overall a home in a poor state could come with a bill of £51,643. These costs might include
£3,800 for a new bathroom, £6,185 for a new central heating system, $775 for insulation, £4,000 for roofing, £4,900 for doors and windows and £690 for guttering.

The research also points out that just 26% of second hand homes achieve an energy efficiency rating of A to C while 94% of homes built in 2016 could boast such standards.

‘Buyers of new build homes enjoy a huge number of benefits over those purchasing a second hand home. During the buying process customers will receive a high level of service and support from trained sales staff. Upon moving into a property that is designed for modern living, there are all the advantages of living in a home with brand new fixtures and fittings and the latest energy efficiency technologies,’ said Stewart Baseley, HBF executive chairman.

‘This report helps to highlight the hidden savings that buyers of new build homes make. While most people have a budget put aside to get the little jobs done, costs soon add up when you need to replace a bathroom or a kitchen,’ he explained.

‘£50,000 is a lot of money by anyone’s standards, and this new research emphasises just how much new build home buyers really get for their money,’ he added.

Source: www.propertywire.com