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Most house hunters look for properties needing little work

The Momentum UK Team 15 April 2014

Despite the popularity of home renovation television programmes, a recent survey shows that most people would prefer not to bother.

The survey, by Gocompare.com home insurance, found that less than a quarter (24%) of people would buy a property needing major renovation work, and almost 1 in 3 (30%) would only consider buying a new-build property.

As a nation, we love watching home renovation programmes on TV, and the upcoming bank holiday is traditionally seen as a time for DIY - but most of us would rather watch someone else take on the project than do it ourselves.

That said, plenty of us still like the idea of an older property; 63% said they would prefer one to a new-build. When asked why, 48% said they thought older homes tend to have larger rooms, while 35% were attracted to the character and original features of older buildings.

Of those preferring new-build homes, energy efficiency was the main attraction, with 34% saying that new-builds are well insulated and cheaper to heat.

Of the people who said they would be up for a house renovation project, 39% said they’d be willing to take on major building work like an extension.

Ben Wilson from Gocompare.com home insurance commented on the findings:

“While many people enjoy watching home make-over and renovation programmes on TV, our research suggests that most aren’t that keen on undertaking their own ‘grand design’ or restoration project.

“But if you feel inspired to undertake a major house renovation project or are planning an extension to your home, you should speak to your home insurer before you start work. Often insurers will need to include specific exclusions or conditions on your policy during the build phase if there is likely to be scaffolding erected or walls and doors are being temporarily removed.”

Momentum