Cost of upgrading an old home

16 Jun 2015

Moving home is really exciting, but what are the chances of finding a house that doesn’t need a bit of maintenance or improvement?  That could be from a simple redecoration to a full refurbishment or extension.  You might like a challenge or a project and an old house with period features could be right up your street, but, unless you’re Nick Knowles, sometimes the prospect of DIY or putting your stamp on a house, can send shivers down the spine.

Apart from having the time or the inclination, there is also the serious question of cost.  How much do you think it might cost to upgrade an old home, or to add your style and requirements to it?  Who will manage it for you and ensure cost effective procurement? Perhaps you’re ready to spend £5,000, £10,000 or even £20,000+ on updating your new home with decorating, new kitchen and bathroom or insulation and new windows – from my own personal experience, "double it” is always a useful guide when it comes to budgeting for these things!  

What if the house you buy has hidden problems such as damp, dry rot, woodworm, or old electrics and plumbing that are not apparent until work begins? Unforeseen permissions and regulations also add cost and can lead to requirements beyond the specification you budgeted for.   These are just some of the things you might find when buying an older house to update whichwill result in you digging deeper to cover the costs. This can often lead to delays or compromises being made to your finished project.  

According to the Home Builders Federation it can cost nearly £45,000* to upgrade an old home to new build specifications – a lot more than just the cost of moving.

This is where buying a new home can be really worthwhile both in terms of value for money and reducing the associated stress and uncertainty.  It can be a blank canvas for you to really make it your own.  At Cumbrian Homes we work with our customers to ensure their new home is exactly what they want.  With the freedom to work off plan, add in bespoke fixtures and fittings and design elements, a new home can really be everything you wish for.  Most choices and small changes need not cost a penny more if you get involved early enough and even those really personal ‘must haves’ can be done cost effectively for you. 

There is a common misconception that you may have to pay a little more for a New Home compared to its older equivalent – which is true most of the time, but not £45,000* more! In addition, I believe the quality and service we are able to offer means personalising your own home can often be done for free or at very little extra cost, meaning the money you save can be spent on other things – house related or not. And all without the added worry. 

To find out more about putting your stamp on one of luxury new homes get in touch with one of our Sales Team on 01768 840840.

*Based on independent figures for an average 3 bedroom semi-detached house.