The Real Cost of Fixer-Uppers Revealed

Have you ever dreamt of snagging a bargain property and transforming it into your dream home? Enter the world of fixer-uppers! These are properties that need a bit of TLC – think outdated kitchens and bathrooms, and décor that takes you back a few decades. They’re not for the faint-hearted, but if you’re up for the challenge, there’s potential to save some serious cash on the initial buy.

The Savings

So, how much can you actually save? Yopa crunched the numbers across Great Britain. Here’s the lowdown:

On average, fixer-uppers are priced at £313,835. That’s a cool 6.2% (or £20,632) less than modernised homes, which average £334,467.
The Yorkshire & Humber region is a goldmine, offering an average saving of 9.7% – that’s £21,500 off!
In Wales, expect a 9.5% discount, saving you £20,545.
Scotland and the East Midlands both offer 9.3% off, translating to savings of £18,700 and £23,485, respectively.

Where to Hunt for These Hidden Gems

If you’re on the fixer-upper hunt, head to the South East. It’s the hotspot with 7,321 unmodernised properties (17% of the UK’s total). The South West and North West follow suit, boasting 15% and 11% of the market share with 6,336 and 4,802 properties, respectively.

A Word of Caution

But it’s not all rainbows and butterflies. The savings are tempting, but there’s a catch – soaring construction costs. Recent government data reveals eye-watering increases in building materials:

Doors and windows: up 17.5%.
Ready-mixed concrete: up 16.8%.
Metal screws and the like: up 14.5%.

These hikes will inevitably bump up your renovation costs, nibbling away at those initial savings.

Savings vs. Lifestyle Commitment

Verona Frankish, YOPA’s CEO, weighs in: Buying a fixer-upper can be a savvy financial move. But, it’s more than just a transaction – it’s a lifestyle choice. Are you ready to invest time and energy in renovations? If yes, these properties offer a unique opportunity to craft your ideal home and add value. Just remember, with material costs spiking, the renovation bill will be heftier than before.

Before jumping in, factor in both the cost and the effort required. Fixer-uppers can be a dream come true or a challenging project – the choice is yours!