When you are searching for a new home, it can be tempting to focus on the asking price. A property that needs a little work done may appear to be an opportunity for you to secure a little more money, but new research from the Home Builders Federation (HBF) suggests that the true cost of renovating an older property can be much higher than buyers expect.
According to the HBF's latest research, bringing a typical three-bedroom semi-detached home up to the energy efficiency, comfort and technology standards of a modern new build could cost around £170,000.
The Hidden Cost of a 'Doer-Upper'
The HBF research found that just over half of the adults that were surveyed would expect to spend no more than £50,000 renovating a 'doer-upper', while 29% anticipated spending £25,000 or less.
However, according to the HBF, it might cost about £170,000 to achieve the standard that can be offered by a modern new build.
Decorating is just one aspect of that difference. Before they can provide the same level of efficiency, comfort, and modern technology as a newly constructed home, older properties may need to make changes to their windows, kitchens, bathrooms, electrical systems, heating systems, insulation, and other aspects of the house.
Energy Efficiency
One of the biggest advantages of a modern new build is the energy efficiency. At Shropshire Homes, energy efficiency is built into the design of our homes. Many of our homes feature air source heat pumps, while our properties are designed with modern energy-efficient features to help create a more comfortable and economical home.
The HBF article reports that near enough all-new build homes achieve an EPC rating of at least an A or a B, compared with fewer than 5% of older homes. The research with Octopus Energy states that the average new-build household could save around £420 a year in energy bills compared with an EPC D-rated older property, rising to around £650 compared with an EPC F or G-rated home.
This research shows us that the financial difference between an old build and a new-build household does not end on the day of completion. Thinking long term, the cost of maintaining the house might also play a significant role.
Upfront Certainty or Unexpected Costs? You Choose
One of the key differences between buying a new build and renovating an older property is the certainty you have over what you are spending your money on. When it comes to renovating an older property, the initial price may look pretty, but there is a high chance you will find problems that you never even thought of.
With a new build there is a lot more certainty. At Shropshire Homes, our homes are built to modern standards, with quality fixtures, fittings and materials included as standard, helping you understand exactly what you are paying for before you move in. This will allow you to have more certainty over your investment, allowing you to budget with confidence and enjoy your new home without the worry of unexpected renovation bills. Sure, you may choose to personalise certain aspects of your home, but you are still not taking on the same uncertainties as buying an older property with hidden problems.
With Shropshire homes we also offer some reassurance when buying a new home. Our properties are covered by an NHBC warranty, providing homeowners with added protection and peace of mind in the years following completion.
Why Choose Shropshire Homes?
For 45 years Shropshire Homes has been building excellent houses that have both quality and character, helping us achieve beautiful developments and creating communities.
Our homes are designed with high-quality fixtures, fitting and materials as standard and allow you a choice of personal touches on selected homes, as well as having modern heating and energy-efficiency features incorporated into our homes, helping homeowners enjoy a more comfortable and future-focused way of living.
When buying a new home, it can feel complicated and stressful, at Shropshire Homes we guide our customers through our 8-step customer journey, keeping them at ease.
Making The Right Choice for You
The HBF is not saying that renovating an older property is the wrong choice, for some people taking on a project of this scale is an extremely exciting opportunity. But it does highlight the key subjects that people should be thinking about before taking on a project such as this.
With a new home from Shropshire Homes there is no need to think or stress about these subjects as that is our job. Instead of spending your first year in a new home renovating, you can move into a new modern home and concentrate on making it your own.