🏠 According to the “Get on with living” report released by the Home Builders Federation (HBF), purchasers can anticipate spending over £70,000 to update an average property to new build standards.
📈 According to the survey, many prospective homeowners grossly underestimate how much it will cost to upgrade an existing home.
📊 According to the study, 71% of people planned to spend no more than £30,000, and almost a quarter (23%) thought they would spend between £10,000 and £20,000.
♻️ “This report helps to unearth the hidden savings new builds offer as a result of investment in research and more environmentally friendly building materials,” said Neil Jefferson, managing director of HBF.
⚡️ This, along with the home builders’ pledges to support the government’s Net Zero goals, means that newly constructed homes perform better in terms of energy efficiency and provide customers with significant value for their money.
🧾 There is much to be said for the value new construction offers and the energy-bill savings energy efficient homes deliver in the face of rising constraints on households.
💬 The study found that 85% of new homes now achieve an A or B EPC rating, compared to just 4% of older homes. The study’s release coincides with the start of New Homes Week, an annual campaign to raise awareness of the advantages of new homes and share advice to help prospective buyers in making their move.
♨️ Many homebuyers prioritise loft and hollow wall insulation when considering prospective modifications.
💷 The cost of renovations and upkeep projects can mount up rapidly; typical projects for a typical 3-bedroom semi-detached property cost £61,489.30.
💷 This amount rises to £73,271.80 when external rendering and guttering are included.
💭 Minimal upkeep was another important factor for homebuyers, with 41% of respondents saying it would motivate them to purchase a new home.
🆘 “Homebuyers who renovate an older building frequently face significant upgrade expenditures and disturbance to their family life, not to mention unforeseen bills to fix terrible secret histories unearthed along the process.”