Home Improvement: 70 per cent of Brits prefer project properties
26th May 2016
- Seven in 10 (70 per cent) Brits would rather buy a property in need of TLC
- The average Brit budgets almost £18k for their renovations
- 61 per cent consider the impact of DIY projects on their property’s value before starting
- Nearly a quarter (24 per cent) of homeowners admit to leaving DIY projects unfinished
More than seven in 10 Brits would choose to buy a ‘project’ property in need of some TLC rather than somewhere that is move-in ready, according to new research from leading property website Zoopla.
The average Brit would budget £17,765 to make their property ‘just-so’. Regionally, home improvers in London and the South East of England invest the most in adding a personal touch to their property, with averages of £22,413 and £20,047 respectively. Homeowners in Wales put the least aside, budgeting £7,705.
To make their house a home, a third of respondents (33 per cent) said that they are willing to take on major alterations including structural work, while one in five are prepared to undertake the bulk of the hard graft without professional help. A nation of ‘Handy Andys’, the DIY tasks that we’re happiest tackling include decorating the walls (14 per cent), replacing the flooring (12 per cent) and landscaping the garden (nine per cent).
One of the key motivations for rolling up our sleeves and improving our properties seems to be the resale potential. According to the findings, 61 per cent consider the value a renovation will add before they start work on their property. In terms of what adds the most value, respondents believed that installing a new kitchen has the biggest impact on a house’s value (17 per cent) closely followed by a new bathroom (15 per cent) and extending the property to include a loft or conservatory (13 per cent). Meanwhile, nearly two thirds of Brits (63 per cent) try to keep their interiors evergreen – avoiding ‘House of Hackney’ style prints, instead opting for neutral styles and tones in order to appeal to a wider pool of potential buyers.
However, improving a property with your own fair hands might be easier said than done - 64 per cent of Brits say that no matter how many improvements they make there is always more to do. While a quarter (24 per cent) confess to starting DIY projects and leaving them unfinished.
Lawrence Hall, spokesperson for Zoopla comments: “Buying a property that needs work can be an excellent way of both adding value and improving the living space of a home. Our research shows that Brits are inspired by upcoming Bank Holidays and ready themselves for DIY projects. However the research also shows that 24% of us fail to maintain our enthusiasm and complete on our DIY projects. The key to any DIY project is good preparation and not to take on too much or ideally find a professional on Zoopla for those jobs that might leave us exasperated.”
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