UPGRADING an older property to the same standard as a new-build home could cost as much as £50,000, says the Home Builders Federation.
The industry body is extolling the benefits of buying new as part of New Homes Week, which runs until this Sunday (May 21).
New research by the federation looked at the potential cost of work that might have to be carried out when people move into an older home, such as:
- kitchen - £7,900
- bathroom - £3,800
- central heating - £6,185
- wiring - £8,850
- plastering - £5,240
- windows and doors - £4,900
- external rendering - £4,175.
Meanwhile, the figures show that just 26 per cent of second-hand homes achieve an energy efficiency rating of A to C, compared to 94 per cent of dwellings built in 2016.
A survey by the federation also revealed that price and location are the most important factors considered by house hunters when buying a new home.
Meanwhile, one in four 18 to 34-year-olds still want to own their own home, with the main obstacles being saving for a deposit and getting a mortgage. As part of New Homes Week, the federation is keen to highlight the government support available, such as the five per cent deposit Help to Buy equity loan scheme and the Help to Buy ISA aimed at young people saving for a deposit. For more, visit www.helptobuy.gov.uk