Why Renovate Property?
The UK is a nation of DIY enthusiasts. Improvements and alterations to properties accounts for about 14% of total housing costs and approximately 63% of homeowners would rather improve their existing home than buy a new one.
Michael Holmes, author of Renovating for Profit and property spokesperson for the Northern Homebuilding & Renovation Show, says homebuyers are still willing to take on renovation projects, but also says “I think there’s less DIY happening than a generation ago. I think we massively underestimate our capabilities. Contrary to what people might tell you, there is nothing in your house that you cannot legally do on a DIY basis if you are a competent person.”
He also advises that buyers should be looking for “the worst house you can find on the best street you can afford”.
A well done property renovation can increase a property’s value between 5% and 30%, depending on the overall finish, but a botched job can lessen the value.