The price of not buying new? It could be as much as £50,000!

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.

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.

For further information and to download a copy of the report “Avoid the Money pit – the cost of upgrading old to new” visit the Home Builders Federation website by clicking here.