“Project” Properties can be Popular with Homebuyers

Here at Mitchells Roberton we have a busy private client department and an active estate agency and we are used to selling a number of properties which form part of a deceased person’s estate or are being sold by a financial guardian of an adult with incapacity. Some of these properties may require a lot of renovation but frequently sell very easily. Accordingly,  recent research carried out by Zoopla, showing that over 70% of prospective homeowners in Britain would prefer to buy a property in need of work rather than a home that is already in walk-in condition, does not surprise me. Homebuyers apparently are prepared to spend an average of £16,765 to bring their “project” property up to the required standard.

The scale of work that people are prepared to take on varies, with around 33% of people surveyed saying they would take on major repairs, including structural work and around 20% saying they would do the bulk of the work themselves without  calling in tradesmen. On a smaller scale the types of DIY jobs people are happiest to tackle are decorating, replacing flooring and landscaping the garden.

The research also revealed that the biggest motivation on buying a fixer- upper is the resale value. When asked what alterations they believed would add the most value 17% of the respondents said installing a new kitchen, 15% said installing a new bathroom and 13% said extending the property to include a loft or conservatory.

Research by Halifax Home Insurance, however, found that some homebuyers are unprepared for the reality of taking on a “project” property.  Property Wire have also carried out a survey and found that 27% of people who had taken on a DIY job did not do the work properly and 34% just gave up before they had finished. It also found that DIY skills amongst 18-24 year olds were continuing to fall. Only 62% expressed confidence in their ability to change a lightbulb! Now I can do that but there again I am over 24.

If you are looking to buy a new home in Scotland of whatever type then please contact  me Alison Gourley on 0141 552 3422 or by email ajg@mitchells-roberton.co.uk

This entry was posted in In The News, Legal by Alison Gourley. Bookmark the permalink.

About Alison Gourley

Alison graduated from Edinburgh University School of Law in 1991. She joined Mitchells Roberton in 1996 and became an Associate thereafter. Alison specialises in both commercial and residential conveyancing, advising individuals, large and small businesses, banks, charities and further education institutions on all property transactions. Having 20 years experience in property law Alison has developed excellent relationships with surveyors, independent financial advisers and banks so is ready to act swiftly and effectively to meet her clients’ needs in an ever changing property market. She enjoys getting to know her clients and is committed to giving them an efficient service and is always friendly and approachable. She is also involved with the marketing aspects of the firm and is the solicitor in the office who trains the conveyancing paralegals. Alison is married to a photographer and has one child. In her free moments she likes to keep fit. She is a talented amateur artist and loves nature and the great outdoors.

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