“Unmodernised homes can be a great way to get a foot on the property ladder with massive savings, but don’t forget how much it can cost to get a doer-upper up to standard” – Tyrone Ekrem, Fair Fix
Recent findings from Fair Fix, a group of boiler engineer experts, highlight the potential financial benefits of purchasing unmodernised, or ‘doer-upper’, homes in the current housing market. These properties, requiring significant refurbishment, are often available at lower prices compared to modernised houses. Fair Fix’s study compares the average prices of these homes across England, offering insights into the potential savings and the amount buyers might need to invest in renovations.
Average Price Differences
The research reveals an interesting price dynamic. On average, unmodernised homes in England cost £376,527, which is about 4.3% less than the average price (£393,442) of homes not requiring modernisation. This translates to a notable saving of nearly £17,000.
Regional Variations
The savings vary significantly across regions. The North East presents the largest percentage saving, with unmodernised homes costing an average of £142,542 – 9.6% cheaper than modernised properties in the area. London, however, offers the highest monetary saving. Unmodernised homes in the capital average at £761,235, saving buyers approximately £33,544 compared to the average price of modernised homes.
Finding a Doer-Upper
Availability Across Regions
While the savings are clear, the availability of these properties is another factor to consider. The South East holds about 20% of England’s unmodernised property stock, followed by the East of England (17%), South West (15%), London (11%), and the North West (10%).
Renovation Considerations and Costs
Purchasing a doer-upper is only the first step. The real challenge often lies in the cost and effort of renovations needed to make the property livable and appealing.
Major Renovation Tasks
Key renovation tasks may include structural changes, window replacements, electrical rewiring, new heating systems, and complete decoration. These tasks require significant financial investment and, in many cases, professional expertise.
The Importance of Expertise
For crucial renovations, especially those involving gas and boilers, hiring certified professionals is not only advisable but legally required. Even for less critical tasks, professional involvement ensures quality and safety.
Cost Estimates by Fair Fix
Tyrone Ekrem of Fair Fix provides some cost estimates for common renovation tasks:
- New boiler: Around £5,000
- Property restructuring or extension: At least £22,000
- Decorating the entire property: Approximately £3,000
Conclusion: Weighing the Pros and Cons
Ekrem advises potential buyers to be mindful of their financial and time resources when considering a doer-upper. While the initial savings can be substantial, the total costs of renovation can quickly add up, turning a seemingly affordable purchase into a financially demanding project. Therefore, it’s crucial to balance the allure of a bargain with the reality of renovation costs and efforts.