Talk to your property solicitors in Epsom if you’re thinking of buying a house in the area and wouldn’t mind taking on a bit of a project… new research has just revealed that properties that need serious structural work carried out can be bought for £40,000 under the market average.
The Direct Line Home Insurance study suggests that this is a more affordable way for first-time buyers to take that first step onto the property ladder, or for investors who want to flip houses to make a profit.
If you’ve decided that this may well be the right route for you and are now wondering which rooms of the house you should do up first in order to add the most value, consider doing the kitchen as this can add £9,275 to the value of your home.
Renovating the bathroom can add £7,523, renovating original features £7,358 and adding modern dressing £6,071. If you refurbish the house’s exterior as well, you could add £4,500 to the value of your property.
Commenting, head of home insurance Jeremy Bristow said: “Putting your own personal touch on a home can be fun and exciting but complications could lead to a hefty bill. With this in mind, renovators should ensure they have a contingency fund in place should they come across any unexpected repairs.”
Thinking of moving in the near future? Check out our recent blog post about how to cut costs, with tips including shopping around for estate agents and making an offer on your new house that’s below the stamp duty threshold.