The Price of Buying a Second-hand Property
A chance conversation with one of our Directors has inspired me to write about the cost of new build versus the cost of doing up an older property, as I remembered some research that Home Builders Federation had undertaken regarding these not insignificant sums!
As a marketer with 25 years’ experience of working in marketing, and 15 years in house building, I’ve always been interested in statistics – how do people know about our company, why did they come to site, why did they buy from us etc. It’s always tougher in terms of marketing for new build as (according to those pesky statistics), 95% of buyers are looking for a second-hand property (you’d think the words ‘second-hand’ alone would put people off), versus only 5% actively looking for a new build. Added to this only 4% of people will move in any one year (I keep telling people my job’s tough ☹).
The highline figures below are fairly shocking though. Upgrading an older property to the same standard as a new build home could be as much as £50,000……..FIFTY THOUSAND POUNDS – that’s a hefty sum!
In terms of figures and doing up an older property HBF quote (May 2017):
And if the figures above don’t put you off buying second-hand, then read my top 10 ‘why choose new build’ below:
- A new home is much more energy efficient and could save you £1,410 p.a. compared to energy costs of £2,460 for a Victorian 4-bedroom detached with some modern improvements (source: new-homes.co.uk) Additionally only 26% of second-hand properties achieve an energy efficiency rating of A to C, whilst 94% of new builds built in 2016 meet those standards.
- A new home has loads of brand-new fixtures and fittings with fully integrated, A rated kitchen appliances (oven, hob, dishwasher, fridge/freezer), brand spanking new bathrooms and en-suites with ‘rain’ showers and dual flush loos (and no-ones used them before ).
- New homes are built to a much higher specification than the majority of older properties so you get more bang for your buck. They have central heating, double-glazing and high standards of roof, floor and wall insulation all included in the price. Windows/French doors are all new/draught proof and ours are uPVC in a very lovely anthracite grey which are both contemporary in styling and, more importantly, secure.
- Buyers receive a high level of customer service throughout from an experienced and friendly Sales Executive (not a grumpy home owner – we’ve all met them!)
- A new home is under warranty from Genesis Homes for the first two years and after that you have a further eight years from the LABC warranty provider.
- You don’t have to live with the decorating tastes of previous homeowners as you’ll get a lovely, bright and airy home to make your own (ours are beautifully painted in an elegant ‘timeless white’).
- Location, location, location – this old adage is very true. We build our homes in the best locations close to local amenities and giving easy access to the rest of the county. But our developments offer more than just a new house. You will become part of a new, vibrant and growing community; in a place you’ll soon call ‘home’.
- You’ll gets lots of choice. New developments have several house types to choose from, in different layouts and varying in size. We also build bungalows, whereas not a lot of house builders do.
- We can help to get you moving with incentives such as cash back, deposit plus and part exchange (subject to t’s and c’s of course!)
- Owning a new home can be a great investment (although it wouldn’t be right if I didn’t point out that ‘house prices can go up as well as down’), but it’s easy to see why so many people feel that buying a new home, particularly with all the help that builders can provide, was their best move ever.
So, next time you’re thinking of buying a second-hand property – think new builds instead!