The appeal of buying a new home could be more than just the lure of having a blank canvas on which to stamp your personality, taste and home decorating flair.
According to Bellway, one of the UK’s leading house-builders, most people whose ‘new’ home is an old house get more than they often bargain for.
The price they pay on top of the house-price is large bills to turn their ‘new’ old house into a dream home.
Bellway says that the shopping list of costs buyers are likely to incur on buying, for example, an old three bedroom house as opposed to a modern new home of the same size could amount to at least £22,800.
Sales Director at Bellway, Maria Seed, said: “The figures from this survey show clearly that new homes often provide a better deal - especially for people who can’t afford to be hit with unexpected costs just after moving house.”
“The hidden costs when you buy an old house can come as a nasty shock and the necessary expenditure doesn’t even take into account other costs such as the higher maintenance costs of an old property; costs associated with external features of an old property, such as improving a dilapidated garden and fencing and the higher running costs for a property that is less energy efficient.”
“With a new home you have a guarantee of low running costs and a simplified buying process because there is no chain; and an interior and garden that you can make your own.”
“In addition, new home buyers also have the advantage of an NHBC 10-year guarantee.”