Flawless properties fall out of favour

Are buyers after the perfect property? Apparently not. A new piece of research by Rightmove has revealed the top 10 most in-demand features among home buyers. Top of the list was a renovation project.

The portal discovered homes that were finished articles and pristinely presented were not ticking the boxes as much as fixer-uppers. While it is possible the UK has a new thirst for taking on property projects – perhaps after watching countless episodes of Grand Designs and Homes Under The Hammer – Move Places suspects home buyers are motivated more by money.

With vast amounts of data at its fingertips, Rightmove was able to work out that properties classed as a renovation project have a price tag £29,000 lower than the current national average asking price. Such a saving is very eye-catching in an era of higher mortgage rates and inflation. Of course, the discount on offer will depend on the severity of the work needed to bring the property up to scratch.

The very cheapest properties may be classed as unmortgage-able and the price reflects that only a cash buyer will be willing and able to take on a complex, costly project. An unmortgage-able property will need the most involved renovations. There may be no running water, no utility connections, no kitchen, no bathroom or even no roof. Properties of this type may also have subsidence or asbestos, and will need serious structural interventions.

Buyers may also see a property described as ‘in need of modernisation’ and Move Places commonly sells properties of this nature. We find purchasers tend to focus on the flats and houses where modest alterations and additions will result in an up-to-date property. Aspects such as dated bathrooms and kitchens, single glazing, old electrical circuits and a tired décor are considered manageable. In fact, we know people relish seeing 1980s living rooms and Artex ceilings as they’re up for the challenge.

As well as being a cheaper alternative to a fully renovated property, a fixer-upper may also come with the opportunity to add value, based on simple maths: buy cheap and sell for more than was originally paid after renovation work has been completed. The equation does rely on keeping the amount of money spent on work in check.

The aim is for the original price paid, plus buying and renovation costs, to be less than the property’s value once it’s been revamped. This is achievable if a buyer secures a discount due to the property’s condition and can complete much of the renovation work themselves.

Move Places can help home movers whether they have a property to sell that’s in need of renovation, or whether they’re a buyer keen to transform a tired home.

Sellers: Move Places sells houses, flats and bungalows in any condition – whether they need a full renovation or merely redecoration. Our express property sale service focuses on reliability and speed, with a valuation designed to encourage interest viewings and offers. Rest assured, we won’t ask you to complete any maintenance or repair work before we start your sale. Curious about how much your home could sell for? Request a free valuation online and we’ll be in touch.

Buyers: browse our properties for sale as we may already be selling your dream renovation project. Our photographs give you an indication of the property’s condition but if you’d like more detail, our team is happy to chat through the specifics with you. Ask about our properties for sale with vacant possession, which offer a quick, chain-free route to renovation.