When buying a home, it can be tempting to focus on the headline price. An older property that needs some work may initially appear to offer better value than a brand-new home.
But what happens when you look beyond the asking price? New research from the Home Builders Federation (HBF) suggests that many buyers significantly underestimate the true cost of renovating an older property – and, in doing so, may overlook the built-in value that comes with a modern new build.
For buyers considering their next move in Oxfordshire, it is a useful reminder that value is about much more than the price you pay for the keys.
At Graven Hill, Bicester, that built-in value is combined with something else that is harder to put a price on: choice. With a range of contemporary new homes options, buyers can find a home that works for their lifestyle, without taking on the cost, disruption and uncertainty of bringing an older property up to modern standards.
The true cost of a ‘doer-upper’
The HBF’s latest Nothing Compares to New report highlights a significant gap between what buyers think it will cost to renovate an older property and the potential reality.
Its research estimates that bringing a typical three-bedroom semi-detached home up to the standards commonly found in a modern new build could cost between £57,350 and £173,900, depending on the property and the extent of work required.
That could include everything from a new kitchen, bathroom and flooring to rewiring, replastering, insulation, low-carbon heating, ventilation, an EV charging point and other energy-efficiency improvements.
The research also found that 56% of people surveyed would expect to spend no more than £50,000 renovating a ‘doer-upper’, while just 1% anticipated that the cost could exceed £150,000.
In other words, the initial purchase price does not necessarily tell the whole story. With a new home, many of these upgrades are already part of the property – giving buyers greater certainty over what they are buying and reducing the prospect of having to spend thousands on essential improvements before the home meets modern expectations.
More Quality, from Day One
This is where More Quality comes into play at Graven Hill. Here, new homes are designed and built to modern standards, with high-quality specifications included as standard. Depending on the home, features include designer kitchens with integrated appliances, contemporary bathrooms, flooring, turfed gardens and patios.
Energy efficiency is also built into the homes, with features including air source heat pumps, Mechanical Ventilation with Heat Recovery (MVHR) systems and EV charging points available across the new-build range.
That means buyers can move into a home that is ready to enjoy rather than spending the first few years working out what needs replacing, upgrading or modernising.
And, importantly, buying new doesn’t mean sacrificing individuality.
More Choice: new doesn’t have to mean more of the same
One of the biggest misconceptions about new build homes is that buyers have to accept a standardised property with little opportunity to make it their own.
Graven Hill offers a different approach. As well as a collection of ready-to-move-into new homes, buyers can choose a Custom Home, with opportunities to personalise layouts and finishes when reserving early enough in the build process.
Lower running costs can add up
The HBF research also highlights the importance of looking beyond the purchase price when assessing value.
Its research, undertaken with Octopus Energy, found that 87% of new build homes achieve an A or B EPC rating, compared with just 5% of older homes. It estimates that average energy bills for a new build are around £420 a year lower than an EPC D-rated older property, rising to around £620 when compared with an F or G-rated home.
The difference is particularly relevant at a time when household budgets remain under pressure.
At Graven Hill, energy efficiency is an integral part of the design of its new homes. High-performance homes, modern heating systems can help to make homes more efficient, and comfortable.
So while the benefits of a new home might begin with the day you collect the keys, they can continue to be felt month after month.
More Space for the way you live
Modern homes are also designed around the way people live today. At Graven Hill, spacious layouts provide room to work, relax, entertain and spend time together, with a range of 2-5 bedroom homes available.
For families, that could mean more room for growing children. For professionals, it could mean space for a home office. For downsizers, it could mean a more manageable home without compromising on quality or outdoor space. And because Graven Hill is not simply a collection of houses, the benefits extend beyond the front door.
More Life: a new home in a real community
Perhaps one of Graven Hill’s most popular selling points for buyers is its setting. The growing development has dedicated green space, several play areas for families to enjoy, the recently opened and popular Gateway Park alongside a network of walking and cycling routes.
The community is growing too, with a primary school, coffee shop, private dental practice and wine bar already part of village life. Its location on the southern edge of Bicester provides the best of both worlds: a green, community-focused setting with easy access to the town centre, the world famous Bicester Village designer outlet, Oxford and wider road and rail connections to London.
The value of starting new
The HBF’s research makes an important point: there is no single right type of home.
For some buyers, renovating an older property will be exactly what they want. But for others, the appeal of a new build lies in knowing that modern standards, energy efficiency, contemporary design and many of the features they want are already built in.
At Graven Hill, buyers can take that a step further. The choice of buying a new home should be about more than simply buying a property. It should be about having the space to live the way you want, the quality and efficiency to enjoy your home from Day One.
Graven Hill undoubtedly offers More Choice. More Space. More Quality. More Life. Contact sales to find out more at sales@gravenhill.co.uk //01869 390 009.
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