Member Article

The price of not buying new?

New research carried out by the Home Builders Federation has revealed that the cost of upgrading an older property to the same standard as a new build home could be as much as £50,000.

From the benefits of living in an energy efficient home, saving 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. With the average price of a new kitchen now £7,900 and the cost of fixing a dilapidated roof before winter arrives at £4,000, the hidden costs as a result of moving into an older home can mount up quickly. If house hunters are looking for the same standard of finish and functionality they can expect from a new build home, they may have to be prepared to foot the bill for costs of up to £51,643.

Gavin McCarthy, Sales Manager at David Wilson Homes’ St John’s Walk development in Barnsley, commented:

“Potential buyers are often having to put extra money aside when considering a home, allowing for the costs to repair and revamp an older property, but with new builds like ours at St John’s Walk, those costs are non-existent. We install high spec kitchens, bathrooms and new, energy efficient boilers, with quality flooring and finishes throughout. As well as this, while just 26% of second hand homes achieve an energy efficiency rating of A to C, 94% of homes built in 2016 boast such standards, meaning homeowners save money not just on upgrades, but on their energy bills too.”

The average costs of repairing older homes include:

• 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

David Wilson Homes currently has the St John’s Walk development in Barnsley, with homes available to purchase from £369,995.

For more information on any David Wilson Homes developments near you, please visit https://www.dwh.co.uk/.

This was posted in Bdaily's Members' News section by Richard Savage .