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Modernising a Property Could Cost Over £50,000

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

 

Specialists in Construction Insurance

An estimated 26% of refurbished homes achieve an A to C energy rating, compared to 94% of properties constructed in 2016.

Stewart Baseley, Home Builders Federation executive chairman, said that those who buy new build homes realise more benefits compared to those who purchase a second hand home.

He explained that when buying a home designed and structured for modern living, customers will benefit from the high level of service and support from professional sales staff. After moving in, they enjoy the advantages of the latest energy-efficiency technologies as well as completely new fixtures and fittings. The energy savings on utility bills could potentially add up to thousands of pounds every year.

Mr Baseley said that the report helped publicise the hidden savings enjoyed by those who buy new build homes compared to those who choose to go down the route of modernising a property instead. There are so many advantages that owners of second hand homes could have to pay up to £50,000 for. While many people put aside a certain amount of money to get smaller home maintenance jobs done, the costs soon accumulate when you have to do something major like replace a kitchen or bathroom.

Miller Homes Chief Executive Chris Endsor said that buying a new house is one of the most important purchases a person will ever make, and the Home Builders Federation research highlights the financial and emotional benefits that can be realised by choosing a brand new home over an older one.

 

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