Here at Mitchells Roberton we have a busy private client department and an active estate agency and we are used to selling a number of properties which form part of a deceased person’s estate or are being sold by a financial guardian of an adult with incapacity. Some of these properties may require a lot of renovation but frequently sell very easily. Accordingly, recent research carried out by Zoopla, showing that over 70% of prospective homeowners in Britain would prefer to buy a property in need of work rather than a home that is already in walk-in condition, does not surprise me. Homebuyers apparently are prepared to spend an average of £16,765 to bring their “project” property up to the required standard.
The scale of work that people are prepared to take on varies, with around 33% of people surveyed saying they would take on major repairs, including structural work and around 20% saying they would do the bulk of the work themselves without calling in tradesmen. On a smaller scale the types of DIY jobs people are happiest to tackle are decorating, replacing flooring and landscaping the garden.
The research also revealed that the biggest motivation on buying a fixer- upper is the resale value. When asked what alterations they believed would add the most value 17% of the respondents said installing a new kitchen, 15% said installing a new bathroom and 13% said extending the property to include a loft or conservatory.
Research by Halifax Home Insurance, however, found that some homebuyers are unprepared for the reality of taking on a “project” property. Property Wire have also carried out a survey and found that 27% of people who had taken on a DIY job did not do the work properly and 34% just gave up before they had finished. It also found that DIY skills amongst 18-24 year olds were continuing to fall. Only 62% expressed confidence in their ability to change a lightbulb! Now I can do that but there again I am over 24.