Two-thirds of first-time buyers have bought a doer-upper to save money on the property price, a survey has found.
And nine in ten had completed at least one renovation or DIY project since moving in.
Of these, three-quarters carried out more work than they initially anticipated, with 25 per cent of these people saying they had done much more than expected and 18 per cent taking on major structural projects to get their property in order.
In the Nationwide survey of 2,000 people taking their first step on the property ladder, six in ten had spent more than £2,500 on home improvements and 29 per cent had invested more than £5,000.
But on the upside, many first-time buyers choosing a ‘fixer-upper’ may be able to achieve their dream home at a reduced cost.
Nationwide said today opting for a fixer-upper was a ‘savvy choice’, enabling people to buy in better locations and add value to homes fast.
Many were able to buy in their preferred location, with 41 per cent saying this was the case, and put their stamp on it, with 30 per cent saying they were able to shape the home to their tastes over time, the research found.
Nearly two-thirds of first-time buyers factored DIY or renovation expenses into their savings when building their deposit.
Two-thirds of first-time buyers chose to buy a ‘fixer-upper’ in order to save money, a survey has found (stock image)
More than a fifth borrowed more on their mortgage so they could keep savings back to fund improvements after moving in.
Carlo Pileggi, Nationwide’s head of mortgage products, said: ‘For many first-time buyers, opting for a cheaper property that needs work is a deliberate and savvy choice rather than a compromise.
‘By taking on a home requiring renovation, they are not only able to get onto the property ladder in the location they want, but they can shape it to their own taste while adding to its value.
‘Although there’s a real enthusiasm amongst first-time buyers to roll up their sleeves, our research suggests many have had to undertake more work than they initially intended.
‘This is where planning and having the right support can make a real difference.’
