Majority of first-time buyers are opting for this type of home to cut costs
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A new survey by Nationwide Building Society reveals that two-thirds (66 per cent) of first-time buyers are opting for “doer-upper” properties to save money on the purchase price.
Almost all (93 per cent) new homeowners have completed at least one renovation project, with three-quarters (75 per cent) admitting they carried out more work than initially anticipated.
Many buyers choose these properties to secure a home in their preferred location (41 per cent), gradually shape it to their personal tastes (30 per cent), or increase its future value (23 per cent).
The research indicates that 60 per cent of first-time buyers have spent over £2,500 on home improvements, with 29 per cent exceeding £5,000 on projects ranging from painting to structural changes.
Carlo Pileggi, Nationwide’s head of mortgage products, highlighted that while this is a savvy choice, buyers often underestimate the extent of work required, emphasising the importance of planning.
