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

New research carried out by the home building industry 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 start of this year’s New Homes Week (15-21 May) which aims to highlight the many benefits for consumers of buying a new build home. 

From 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. This includes paying out for:

Kitchen - £7,900 
Bathroom - £3,800
Central heating - £6,185
Wiring - £8,850
Plastering - £5,240
Decorating - £2,500
Flooring - £2,628
Insulation - £775
Windows and doors - £4,900
Roofing - £4,000
Guttering - £690
External rendering - £4,175

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. 

Commenting on the figures, Nicola Barclay,  Chief Executive  of Homes for Scotland, said:

“Whether you are starting out on the housing ladder, upgrading with a growing family or downsizing after children have left the nest, the new build market offers the widest possible range of options to suit every stage of your housing journey.

“New homes also offer important benefits second-hand homes simply can't match.  As well as being built to suit modern lifestyle requirements and providing the peace of mind of a ten year warranty and protection of the Consumer Code for Home Builders, they can also help save buyers a lot of money and stressful upgrading as today’s report shows.”

Download report “Avoid the Money pit – the cost of upgrading old to new

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