Photo: Chiot’s Run
Research from mortgage and loan provider OceanFinance.co.uk says that 1 in 10 Brits purchase a house as renovation project, but that twice as many Londoners are likely to do so, as high property prices mean that people turn to real estate in need of TLC to save money.
Money is a main concern for many renovators, who expect to make an average profit of between £20,001 and £30,000 compared to the home’s purchase price before the work.
More than 1 in 20, though, aim to make an even bigger sum – of more than £100,000.
While not many Britons may embark upon a renovation project, the majority do actually complete it: 78 per cent finish their work, while 22 per cent told the loan provider that their work was still underway.
46 per cent of respondents said that the work involved was harder than first expected – but two-thirds (63 per cent) said they would do it all again anyway.
“Taking on a renovation project can be a daunting prospect, but not only could it help you bag your dream home for a bargain price; you may end up making a profit too,” comments Ocean Finance spokesperson Ian Williams.
“Of course, people should always make sure they carefully budget so that they don’t end up spending more than they can afford on doing up the property, and that they don’t take on a project they can’t manage. House prices can go up and down, as can mortgage rates, and this may have an impact on the project’s budget.”