A lot of homes are bought with the understanding that a bit of DIY is necessary to bring it right up to scratch. There are some that need a lot of work doing, however; these are the doer-uppers and they attract buyers because they present a challenge and they tend to be cheaper (which is also a draw).
BetterBathrooms.com recently conducted a survey to find out more about buying doer-uppers (or not) and the results were interesting.
Just under half (48%) of Brits prefer to move into a new home without having to do anything to it. The 2,000-strong study revealed that house buyers are prepared to increase their budget by 14% to secure the features they really want, including fitted furniture.
Throwing money at a problem
More than half (56%) of the 35-44 age group are the ones looking hardest for a ready-to-go home, being prepared to go quite a way over budget. The main reason for this is having no time for DIY.
Getting priorities straight
Some rooms are more important than others, it seems. Kitchens are a big deal, with 43% of the survey respondents saying the kitchen was their main priority. A third saw a good bathroom as being the most important.
Just over a quarter (27%) saw the outdoor space as the deciding factor, with 16% needing a garage. Just 11% want an attic or loft space.
Some buyers specifically look for a doer-upper for the challenge of renovating the property and making their own stamp on the place. It’s also a great investment, as a doer-upper is cheaper than usual and any work done to it increases its market value.
Buying a project isn’t without pitfalls, though. You might get a property for a snip, but you may also end up spending more on the renovations than you expected. It’s always best, with a very neglected building, to get the most thorough surveys possible, as well as advice from a reputable builder or several. Some renovation projects stall or fail because of unforeseen problems or lack of money.
These pitfalls are why many house hunters are prepared to go over-budget in order to buy a place that’s in great nick. This makes the move a lot easier and means people can hit the ground running in their new home.« Back to Latest News