A survey has found that seven in ten Brits would rather buy a home that needs work than one that is ready to move into.
With many people being priced out of the current market and a lack of choice homes suitable in many parts of the country, it’s no wonder more of us are looking to take on a ‘project’ that’s within budget.
In fact, the survey found that the average amount we are prepared to splash out is £18,000. Despite this though, a quarter of people admitted to starting DIY projects but never getting around to finishing them.
Rather than fixing up the home to enjoy it themselves, a lot of people tend to renovate their homes with the intention being to increase its value for selling. Research from peer-to-peer platform Zopa, claims that the average home improvement would add a healthy 10% to the value of a home.
Before scurrying to pick out wallpaper samples however, over 60% of people said they would rather try to work out the value that a renovation would add prior to carrying out any work.
The average amount people would spend would be £17,765, with those living in London prepared to spend the most at £22,413 – and people in Wales the least at an average of £7,705.
Top of the list considered the most beneficial home improvements are a good kitchen, a new bathroom and extensions (be it a loft or conservatory).
Usually, homes that need work usually come well below the average price of property for that location. However, research has found that many don’t budget for the true costs that come with a renovation and many struggle to actually complete it. Around 45% of Brits who have bought a ‘fixer upper’ said they ended up spending more than previously budgeted.
