Buying a new home is probably the biggest investment any of us will ever make. And it’s unlikely to be a one-off; as our families grow and circumstances change, we’ll need more space as the years pass.

The costs of moving house isn't cheap of course, and although the Government and housebuilding industry has initiatives designed to get first-time buyers onto the property ladder, if you’re looking to make the next step up, the financial advantages aren’t quite as clear

Some people take one look at the uncertainties in the current housing market and, perhaps understandably, decide to spend the money on renovating their old house instead. But is that a good financial move? Let’s look at the evidence.

How much does it cost to move house?

According to the Government’s UK House Price Index, the average cost of a property in September 2022 was £294,599.

The cost of buying a house, including mortgage valuation, property surveyors, conveyancing fees and Stamp Duty, is, on average, £4,416.00. To sell your current house will typically cost £6,267.99, including conveyancing fees, EPC, estate agent’s fees, and removals costs. 

So, in total, selling your old home and buying a new one costs an average of £10,683.99. (1)

Ouch! I’ll stay put and renovate

Surely doing house renovations won’t cost that much? Think again! 

If you want a kitchen and bathroom that’s as good as a new build, it’s going to cost. A new kitchen can set you back around £10,550; more if you add in the cost of new appliances. A shiny new bathroom could cost you between £4,000 and £6,000. (2)

Converting the loft to make an additional bedroom or even a home office, which is now another popular choice. Here, you’re looking at around £21,000 to £44,000 depending on the size of the extension, you could easily pay up to £63,000 to include additional features such as Velux windows. (3) 

If you're looking to renovate your garden ready for the summer months this will set you back between £5,000 to £10,000 depending on the size of your garden and the materials needed. (4)

If you are considering renovating why not check out this useful information on what improvements offer the best value.

How running costs measure up

The cost of keeping your house going – electricity and other utilities, plus the cost of repairs and updating, all need to be considered in the stay-or-move equation especially now with the cost of living. 

New build houses are generally much cheaper to run. They are usually better insulated, with double glazed windows, and have central heating systems with modern boilers that are designed to run more economically. Data from the Home Builders Federation in 2022 shows that owners of new builds save, on average, £435 per year on energy bills with more information here.

Built for modern living

Costs aren’t everything, of course. With a new-build four-bedroom home, for example, you’ll generally find lots of features that are missing or non-standard in an older home – for example, a garage and additional allocated parking (handy when many families have at least two cars to park), a downstairs cloakroom and an en-suite bathroom in addition to the main bathroom, and lots of power points just where you need them – plus safety features such as smoke alarms, window locks and intruder alarm (or wiring for one).

So, if you’re sold on the idea of a brand new home, you would be well advised to consider Jelson because, unlike many other new build homes, Jelson homes are ready to move into when you take delivery of the keys. Also with the help of this handy moving house checklist you will be ready to move into your new Jelson home. Check out the beautiful new homes that Jelson has available to you here.

Sources

1. comparemymove.com
2. checkatrade.com
3. householdquotes.co.uk 
4. homehow.co.uk