The majority of house hunters in the UK don’t want to buy a property that needs a lot of work with one in three only searching for a new build, new research reveals.
Some 81% of people searching for a home want one that needs very little work and less than a quarter would take on a property that needed major renovation work, according to a survey commissioned by home insurance company Gocompare.
Despite TV schedules being full of home renovation, DIY and make over programmes, it seems when it comes to searching for a house a lot of work is actually off putting.
When asked whether they preferred new-build or older properties, most people, 63% voted for older properties. However, the majority of respondents seem to want a home that they could move straight into with 81% saying that they would look for a property that need very little doing to it.
Of those home buyers who would do work on a property some 39% said they would consider taking on a building project such as an extension, and 24% would be happy to buy a property that needed major renovation work.
When asked why they preferred older properties, 48% of respondents said that they thought older homes tend to have larger rooms than new builds, while 35% were attracted by the character and original features of older homes and 15% didn’t want to live on a new housing estate.
Energy efficiency held the biggest appeal for those preferring new build homes, with 34% saying that new builds are well insulated and cheaper to heat. This group of home buyers also saw new build homes as maintenance free liked their modern look.
‘While many people enjoy watching home make over and renovation programmes on TV, our research suggests that most aren’t that keen on undertaking their own grand design or restoration project,’ said Ben Wilson from Gocompare.
‘But if you feel inspired to undertake a major house renovation project or are planning an extension to your home, you should speak to your home insurer before you start work. Often insurers will need to include specific exclusions or conditions on your policy during the build phase if there is likely to be scaffolding erected or walls and doors are being temporarily removed,’ he explained.
‘Renovation projects, particularly those that involve the installation of a new kitchen or bathroom, or the building of an extension, also usually increase the property’s rebuild cost, while the addition of new furniture, household appliances and furnishings may push up the value of your contents. So your insurer may want to review your sum insured as well as making sure your renovation plans don’t invalidate your cover,’ he added.
*source. PropertyWire