Research suggests that buyers could avoid up to £70k of costs by keeping away from older homes and the ‘renovation trap’ and choosing new-builds instead.
The Hidden Costs of Older Homes
Avant Homes, the housebuilder, carried out some research that showed up to £70,000 of hidden costs could face buyers in the first few years after moving into an older home. They used industry research to find that new-build homeowners can become better off by not shelling out large sums on expensive repairs, higher utility bills and expensive renovations. Equally, new-build owners are more likely to add on home extensions from companies such as https://precisionbuildersltd.co.uk/services/home-extensions/ rather than move if they are happy with their homes.
Unexpected Costs Can Spiral
Most people know that new-builds are more energy efficient to run and have lower utility bills, but most don’t take renovation and repair costs into account for older properties. These unexpected bills can run into tens of thousands. For example, a new kitchen can cost £11,000 for a mid-range refit, and a bathroom can cost £4,500. A boiler can easily cost £3,500 with installation, and a roof can cost £7,000 for a full renewal. Installing triple-glazed windows can cost over £9k for a full house, and a total home rewire can cost over £4,500 for a three-bedroom house. The costs just keep coming!
For most homeowners, the threat of escalating bills and expensive repair jobs might just be enough to encourage them to consider a new-build, even if a period property is exciting for its aesthetic appeal.
