The price of choosing a second hand home over new build could be as much as £50,000, according to research launched today (May 15) by the Home Builders Federation.

Avoid the money pit – the cost of upgrading old to newreveals that upgrading a second hand home to the same standard of functionality and finish as a new property could become this costly. The research launches alongside the start of New Homes Week supported by HBF, which highlights the advantages for consumers of buying new.

The research looks at the work that might be necessary to refurbish an older property, breaking down the possible costs, with a consumer typically paying out £7,900 for buying and fitting a new kitchen, £3,800 for a new bathroom, £8,850 to rewire a home and £6,185 for installing central heating, as well as other outlays. “The costs for people moving into an older home can quickly mount up,” HBF said.

HBF’s research finds further savings from buying new, including a new home’s inherent energy efficiency meaning that 94% of homes built in 2016 achieve an energy efficiency rating of A to C. According to the research, only 26% of second hand homes reach these standards.

Stewart Baseley, HBF’s executive chairman, 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.”


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