Choosing the type of home you want will come down to the type of person you are. Some would prefer to move into a brand new modern home, whilst others would prefer an older character home that they can build up to a modern standard. But how much would it actually cost?
Modernisation
A recent survey found that the cost of modernising an older property to the same standard as a new build home in England and Wales could cost £50,000.
The Home Builders Federation (HBF) recently undertook a study of the cost to bring an older property up to modern standards.
It found that new build homes came with the additional benefit of being more energy efficient. That means a homeowner could save hundreds of pounds on utility bills each year.
Other benefits of new homes include brand new fixtures and fittings that come as standard. To upgrade an older home, it would cost £7,900 to refit a kitchen, and £8,850 to rewire a house according to the research.
What does it cost?
If the property is in an overall poor state, then it could come with a bill of £51,643. These costs could 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 new doors
- £690 for new guttering
The research points out that only a quarter of second hand homes actually achieve an energy efficiency rating of A to C. 94% of new 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.’
‘£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.
