Email us now

More people purchasing property in need of renovation

Created: 04/03/2016

A study conducted by comparison site Confused.com has revealed that one in three Brits are buying properties that are in need of renovation work as it is all they can afford due to inflating housing costs.

Of those who took part in the survey, one in ten who bought a property to renovate said that they could not finish the work needed as they couldn’t afford to. A further ten per cent admitted that they had to live within the unfinished property for up to a year before they could complete the renovations.

The most common areas within the home to be renovated were the kitchen, bathroom, the carpets throughout the house and general cosmetic decoration such as plastering and painting.

Speaking to whatmortage.com, Gareth Lane, head of home insurance at Confused.com, said: “As house prices seem to be continuing to rise, it would appear that more and more people are resorting to buying properties that need renovation.

“Deciding to renovate a property is a big decision – and often more expensive than first anticipated. So it’s no surprise that nearly one in 10 homeowners couldn’t afford to do the renovation work to their property.”

However those looking to purchase property in need of a facelift are encouraged to do so, as it can pay off in the long run. One in five homeowners said the market value of their renovated property now exceeds the combined costs of buying and renovating, given them a profit margin of between £25,000 and £50,000.

Those who are struggling to keep to time and get the ball rolling with their home renovations should consider gaining the professional and affordable knowledge of a local handyman service. With a number of services such as plumbing, electrical and carpentry available, it can be a stress-free alternative to DIY and will prevent additional costs when renovating.

Image Credit: LadyDIY (pixabay.com)



Back to News