Upgrading an older property to the same standard as a new build home would cost homeowners more than £50,000, according to new research from the Home Builders Federation (HBF).
The data, which was compiled for New Homes Week, shows that the list of potential upgrades that need to be carried out when people move into older properties can soon mount up, with everything from insulation to new windows and doors being significant outlays.
In total, the cost of bringing an older property up to the same standard of finish and functionality they could expect from a new build home is £51,643.
The most expensive outlay is wiring, which costs an average of £8,850, followed by a new kitchen, which costs around £7,900.
Installing central heating costs £6,185, plastering the house comes to £5,240, while new windows and doors can set homeowners back around £4,900.
Outside the property, external rendering costs around £4,175 and roofing work comes to £4,000, while guttering can total £690.
Other improvements inside include a new bathroom (£3,800), flooring (£2,626) and general decoration (£2,500).
Another key concern for older properties is energy efficiency; in addition to new windows and doors, installing new insulation costs around £775, all of which comes to £51,643 – but the outgoings do not stop there.
Research shows that just 26 per cent of second hand homes achieve an energy efficiency rating of A to C, while 94 per cent of new homes built in 2016 achieved this rating, meaning the increased outgoings often continue for owners of older properties even after carrying out work.
Mark Mitchell, Group Operating Officer at Avant Homes, said: “£50,000 is a lot of money, but when the time taken to carry out the work and the associated disruption to the property is taken into account, the cost of upgrading an existing property can be even higher.
“Buying a new build Avant home provides confidence from the outset and, perhaps most importantly, peace of mind. Not only do they have exceptional brand new fixtures, fittings and appliances as standard, but a ten-year structural warranty – all of which are concerns for those who buy an older home.”
Stewart Baseley, executive chairman of the HBF, said it is clear that buyers of new homes enjoy a “huge number” of benefits compared with those who purchase an existing property.
He added: “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.”
“The new research emphasises just how much new build home buyers really get for their money.”