RESEARCH carried out by the Home Builders Federation has revealed that the cost of upgrading an older property to the same standard as a new build home could be as much as £50,000.

As well as saving hundreds of pounds on your utility bills each year by living in an energy-efficient new-build property, buying a new home means you won’t run into other expenses such as replacing an outdated kitchen (around £7,900), fixing a dilapidated roof (£4,000) or upgrading the central heating (£6,185).

In fact, house hunters looking for the same standard of finish and functionality as they can expect from a new-build home may have to be prepared to foot the bill for costs of up to £51,643.

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Steven Ball, sales manager at David Wilson Homes’ The Drive at Mount Oswald development in County Durham, said: “Potential buyers often have to put extra money aside when considering a home to allow for the costs to repair and revamp an older property, but with new builds, those costs are non-existent as they come with high-spec kitchens and bathrooms, new energy-efficient boilers and quality flooring and finishes throughout.

“As well as this, while just 26 per cent of second-hand homes achieve an energy efficiency rating of A to C, 94 per cent of homes built in 2016 boast such standards, meaning homeowners save money not just on upgrades, but on their energy bills, too.”