According to a recent survey conducted by HSBC UK, nearly three-quarters (73%) of all Brits looking for a new home say they are in the market for a doer-upper andhappy to take on a property that needs work to keep initial costs down.
In fact, previous research has revealed homes in need of renovation are 8% or £29,000 cheaper than the average property up for sale. HSBC UK’s research emphasises the lengths Brits are willing to take in order save money and have creative control – prioritising stressful and potentially lengthy home renovations over picking a renovated home ready to move in.
The survey also delves into the motivations behind this inclination and explores the financial advantages of buying properties in need of renovation. With 17% of Brits claiming that they wanted the financial security of owning their own home and just over one in ten (11%) Brits believing owning a property is an investment.
Respondents revealed some of the key reasons why they would prefer a doer-upper rather than a furnished home.
- Adding value: A significant 46% of Brits reveal they have the potential to add value to a home that needs significant improvements.
- Creative control: 42% of respondents like the idea of being able to create a home that you want for the same total price.
- Living in the dream location: 39% of respondents believe buying a house with significant improvements needed, can help them access a property in a location that otherwise would be too expensive to buy.
- Reducing initial costs: 35% believe due to the cost-of-living crisis, it is ideal to keep the initial costs on a house down. An overwhelming majority (68%) revealed they believe they are more likely to buy their first home compared tothe start of the year.
HSBC UK has also developed a handy Mortgage Repayment Calculator, which can provide your readers with an overview of what their repayments could be based on the interest rate, term and repayment type selected.
For more information, please visit: https://www.hsbc.co.uk/mortgages/how-rising-living-costs-affect-home-buyers/
