Buyers Happy To Renovate Homes If Required

News at Household | 18/03/2020

As a vendor, there is a pressure to make your home look as appealing and as attractive for buyers as possible. The more improvements you can make at home will add value to your home, and ensure your home stands out for all the right reasons. However, if your home has seen better days, don’t worry about this being a barrier to you selling your home.

A study undertaken by a UK estate agent indicated more than 80% of respondents said they would be prepared to buy a home that required significant renovation. Close to 50% of respondents said they would be welcome to the idea of carrying out a major renovation project.

Not many people are looking to buy land and build their own home

However, while there is a sizable number of people who are happy to carry out a lot of work at their property, only 27% indicated they would buy a plot of land and build their own home.

Another issue which contrasts the feeling that buyers are keen to make changes comes from 71% of respondents saying they would aim to buy a larger property rather than extend their home. In 2017, the same question was asked, and only 59% of respondents said they would be keen to extend their property.

Many buyers are happy to make changes

Nick Leeming, Chairman at Jackson-Stops, comments: “Despite Britain’s love for a renovation project when it comes to making updates to a current property, many homeowners would rather ‘list it’ than ‘love it’ and spend time and money making the necessary updates to ensure their home can accommodate a larger household. We find it is often growing families, who simply don’t want to open up their home to builders and months of mess in exchange for a loft conversion or an extension, who decide to buy a bigger home that is more suited to their requirements.”

Nick Leeming continued by saying; “Interestingly, the prospect of moving to a home which requires major renovation however isn’t a complete turn-off. In fact, many buyers enjoy the prospect of purchasing an older property and putting their own stamp on it, even if it means they have to wait a few months or even years before they can enjoy their dream home or location.”

Anyone looking to sell their home will find that knowing what buyers are keen to do or choose is of benefit. While you will have ideas as to how best sell your home, if the buyer has different thoughts as to how a home should look, you may hamper your chances of selling your home. Therefore, market research which indicates what people’s plans are when they buy property is always worth checking out.

If you plan on selling your home, we can arrange a valuation for you. At Household, we aim to connect you with likely buyers, and we can help you find what buyers need. When it comes to selling your home in Toddington and Dunstable, we are your local agents, so contact us today.