Research organised and conducted by the Home Builders Federation has suggested that the price of bringing an older house up to the same standard as a new build in England and Wales could cost up to £50,000.
The data was published at the same time as the 2017 New Homes Week commenced.
Compared to buying an older home and modernising a property , new build properties have multiple advantages and cost-saving benefits, such as energy-efficient design, brand-new fittings and fixtures, and 10-year warranty protection from a provider such as CRL.
The HBF research reviewed the measures that might have to be carried out when people move into an older house and want to bring it up modern standards.
Homeowners who want to achieve the same levels of functionality and finish that they would enjoy in a new build home can expect to pay up to £52,000. Fitting a new kitchen, for example, could cost nearly £8,000 and rewiring an older home could cost £8,850. Other anticipated costs include:
- Modernised bathroom:£3,800
- New central heating system: £6,185
- Insulation: £775 for insulation
- Roofing: £4,000
- Doors and windows: £4,900
- Guttering: £690
- External rendering: £4,175