To Renovate or Buy a New Build?

Posted: 29 April 2014 by Higgins Homes

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When you're in the midst of a property search in the UK the options are usually split into two you can either invest in a renovation project that you have to finish off yourself or buy a new build that you can move straight into. From the slew of property renovation programmes that have filled our TV screens in recent years it might seem that renovation is the more popular choice but actually research carried out recently by found that less than a fifth of buyers would be prepared to take on a renovation project.

The statistics from the survey are interesting as they also indicate that most of us (around 63% of those surveyed) would prefer to buy an older property, however, very few of us are willing to put the work in. In fact, 81% of us want to be able to move straight into a property that requires very little, or no, work at all.

Obviously the appeal of renovation is easy to see the chance to put your own stamp on a property and have it exactly as you want it. No more putting up with other peoples' tastes in bathroom sets and finally the chance to have exactly the home that you've always wanted.

However, perhaps now that the initial wave of enthusiasm for renovation has passed we are beginning to see the reality of such a project set in. Given the current market conditions and the difficulty of obtaining a mortgage, as well as the struggle most people have trying to get a deposit together, the expense of taking on a renovation project as well is simply not realistic anymore.

These types of projects invariably run over time and budget and there have been so many well publicised horror stories of people ending up having to live in half finished properties when the funds run dry. Interestingly, the survey found that the reason many of us prefer older properties is that we think that they tend to have bigger rooms, but of course this isn't always the case. Residential property developers have cottoned on to the fact that this is a differentiating factor and we're seeing all sorts of new properties coming on to the market.

If you're looking for a fantastic property that you don't have to renovate then Higgins Homes can help with your new property search. Take a look at our website to see the range of current and new developments on offer.

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