Homebuyers will pay 14 per cent more to avoid renovation

Monday, 9th October 2017, 3:49 pm
Updated Monday, 9th October 2017, 5:04 pm

Almost half of people surveyed would willingly pay a premium to be able to move in to a property immediately, with no renovation or replacement work, a website has found.A study of 2,000 UK adults by BetterBathrooms.com revealed that homebuyers are willing to increase their property buying budget by an extra 14 per cent on average for rooms and fitted furnishings that they want to keep, rather than replace.

Rooms with desirable fitted furniture and appliances were also taken into highest consideration when purchasing a property, with 43 per cent admitting a kitchen in good condition is top of their property wish lists.

A well-presented bathroom was also regarded as important by a third (33 per cent), with tiles and plumbed-in appliances being too time consuming to fit and replace.

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Twenty-seven per cent rated a large outdoor space or garden as a high priority on property search checklists, to provide extra living space when weather permits.

One in six people also listed a garage as an important factor while one in ten said they would be looking for attic space, showing storage and spill-over space is a top priority when purchasing a new home.

Lee Glenister, Head of Marketing for BetterBathrooms.com said: “It is clear that house hunters in 2017 are even more time poor and are willing to exceed their budget in order to speed up the process of moving to a new property, with homes that are ready to move into exchanging hands for a higher premium.

“Rooms which are more expensive to fit out and decorate, such as kitchens and bathrooms hold the highest priority for those looking for a new home, with a high percentage opting to buy a home that doesn’t require any major building work.”

Those aged 35-44 (56 per cent) were most likely to break the bank when it comes to buying a ready to move in to home, stating a lack of time to renovate and organise building work (78 per cent) as the main reason for doing so.

Recent research by Halifax Insurance also discovered that planning applications for basement conversion projects have soared by 183 per cent over the past five years, while applications for conservatories have fallen three per cent in the same time.