‘Cheaper’ fixer-uppers top list of homebuyer must-haves
Bargain hungry homebuyers and investors are on the hunt for properties in need of refurbishment to take advantage of price discounts that can run into the tens of thousands of pounds.
Analysis by Rightmove revealed that homes listed as in need of a renovation project ranked number one in a list of the most desirable features searched for by buyers when deciding which properties to view.
A new boiler, a loft conversion, storage space and a cellar made up the remaining top five buyer must haves.
Fixer-uppers are 8%, or £29,000, cheaper than the average property asking price making it worthwhile for those who are keen to roll up their sleeves and tackle a renovation.
Two types of buyers are competing for this type of home; first-time buyers looking for a cheaper route onto the property ladder which they can refurbish when they have the cash at a later date and investors looking for a property to do up and sell at profit or rent out.
But not all buyers share the same passion for DIY. The seventh most searched for feature were homes listed as refurbished which come at a premium of 19%, or £70,000, more than the average asking price.
Renters, unable to carry out any major changes to their property, have a different set of priorities.
Double glazing and smart technology such as a smart heating system were their top two must haves followed by being close to a station, having a parking space and a basement.
Tim Bannister, Rightmove’s property expert, said: “This new study could help sellers and landlords when they’re thinking about the different features to highlight on their property listing.
“It may not seem important to mention that a property has storage space or a new boiler, but our study shows this could make a difference when prospective buyers and renters are deciding which homes to go and view. It also shows the different priorities that homemovers have – some are in a more fortunate position to be able to consider buying a newly-refurbished home, while others want to put their own stamp on a home and do it up from scratch, or they may realise that if they buy now they can spend time doing up the house a room at a time.”