Buyers may need as much as £50,000 to get an older property up to the standard of a new-build, research claims.
The bold claims by the Home Builders Federation (HBF), which has of course a vested interest in promoting the benefits of new-builds, aims to highlight the work buyers may have to carry out when purchasing an older property.
They argue that older homes will be less energy efficient, meaning higher fuel bills, and may need new wiring, kitchens or bathrooms.
The research, launched as part of New Homes Week, lists the perceived costs of these changes, shown below, with the total bill coming to £51,643.
- 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
Newer homes may also have a ten-year warranty, but the report doesn’t mention that this usually just covers major structural issues, or that the HBF’s own satisfaction survey shows that just 2% of new homes are snag-free.
Stewart Baseley, executive chairman of the HBF, said: “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.
“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.”
Comments (9)
I’m sorry – but the data is fatally flawed.
It is simply not possible “to get an older property up to the standard of a new-build”.
Nicely put.
What a load of rubbish!
As a specialist in the sale of older property I experience every day the Berlin wall between people who like new and older homes. Very few cross over the divide. Those looking for an older property are looking for character, charm, something they can do something to and often a decent garden rather than something the size of a Tesco basics sandwich box. Hermetically sealed low carbon homes are not for them. A bottom of the graph EPC is irrelevant. It was not just as political expediency that the Government waived the necessity for an EPC on listed buildings. In any event, it is not difficult or particularly expensive to bring even listed buildings up to a high standard throughout.
Cob and thatch is the most efficient insulation you can get!
Are they saying that when new homes fall into old homes category, they need £50k spending on them! I think HouseSimple would disagree with the cost of the new kitchen, lol. I’d like to see you get a roof done for £4000, it costs that in some areas just for scaffolding. The story is absolute tosh and based on spin. Who would be expecting to layout money for a brand new home ….. err many do and many need it because of the cheapo fittings used for profit by builders!!!! In the main it looks as if new builders charge a premium, if not over priced while a second-hand property is typically less value to reflect the wear and tear and enhancements the owner would like to put it in, that the builders shied away from.
In my experience people buy older properties BECAUSE they’re older, they have character and frankly are generally better built than most modern boxes. Having dealt with large new homes developers for many years I have seen how they quite literally throw their properties up as quickly as possible. The smaller local developers are generally better but I can honestly say I’d never buy a new build based on things I’ve seen.
How about a comparison to make new homes as good as older homes.
Lets start with removing stud walling and replace with solid walls = £25,000 – By way of some of the above figures.
And £25,000 to buy your neighbours land so that you have a reasonable size family garden where you can actually fit in a trampoline and swing for the kids and a BBQ patio area for more than 3 people.
Not being screwed on a lease doubling the charges every year – *priceless*
Some very odd costs listed here.