Most of us enjoy a bit of hands-on DIY especially when it comes to turning your new property, for which you have saved every penny to scrape together a deposit, into the home of your dreams. But, equally, most of us have a limit. A weekend painting the bedroom or digging around in the garden is the limit for many and we are reluctant, or unable, to invest more money on top of the mortgage into the house when we still have so much to buy to furnish it. Not to mention that we don’t want to spend any more time living amongst boxes and house moving debris than we absolutely have to.
At the same time, nothing puts an end to dreams of domestic bliss and manageable budgets quicker than the discovery that your boiler needs replacing, the living room is draughty and the 1970s kitchen cupboards still don’t look any better after a lick of paint. Suddenly you are faced with the stress and disruption of having to arrange repairs and even an extended stay back with mum and dad or at a hotel while your house is turned into a construction site.
New research by HBF shows that upgrading a secondhand property to the most basic standard you can expect from a new build property can cost over £50,000 for a standard 3-bedroom semi-detached house. Replacing the wiring, heating and kitchen or bathroom are particularly significant expenses that home owners of a secondhand home could face. With over 50% of buyers making improvements to kitchens and 40% having to upgrade the heating or plumbing the likelihood of having to invest significantly in a second hand home is high.
So why wouldn’t you, like so many other home buyers, avoid the money pit of a secondhand property and buy a new build home? Doing so provides you with the confidence that it is built with modern materials and technology, meets today’s stringent building regulation and planning requirements and is ready for you to enjoy without any nasty surprises right from the day you move in.