Homeowners could save over £70k in home improvement costs by buying a new build
03 March 2023
New research suggests that buyers are underestimating the costs of doing up an older property.
In the ‘Get on with living’ report recently published by the Home Builders Federation (HBF), findings indicate that it costs £73,271.80 to bring an average three-bedroom semi-detached house up to new build standards.
This includes average cost estimates of £10,550 to spend on a kitchen, £12,000 on windows and doors, £10,882 on rendering and £6,225 on rewiring, along with other costs.
These figures suggest that homeowners significantly underestimate the funds needed to make alterations to an older property – 71% of the population set aside no more than £30k, while 23% budget between £10-20k.
This comes as great news for prospective Persimmon homeowners. In addition to the fact that our homes come fully finished and up to industry standards, they typically carry EPC ratings of A or B –something only 4% of older homes achieve.
Our homes also benefit from efficient insulation in lofts and wall cavities - upgrading insulation is among the list of potential upgrades for older homes, and adds on further costs.
The 'Get on with living' report was published not long after the HBF's annual Watt a Save report, in which is was found that home buyers can save over £3,100 per year on energy bills by opting for a new build.
To read more about the 'Get on with living report', click here.
And click here for more information on the ways in which Persimmon is working towards a more sustainable future.