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EXPERT ADVICE

The costs of having work done have escalated We’re certainly seeing far higher levels of
wildly over the past five years – Which? interest in turnkey properties, which is a real
estimates that the cost of installing a new change from the trends of the earlier 2020s. My advice? Sooner means taking advantage of a
kitchen alone has soared 22% since 2019, Renovation projects were all the rage a few
while it’s been well-documented that the years ago, as they were seen as one of the market that’s currently a great place for a buyer
costs of renovations like extensions or loft few ways that buyers could secure a larger
conversions have accelerated beyond the property or a home in a more desirable to be – so I’d say, perhaps it’s time to start your
point of affordability for many homeowners, location – but with the current costs search for your fully-formed dream home after all.
now costing tens of thousands of pounds involved in a large-scale refurbishment,
more than they would have a few years ago. we’re seeing buying patterns switch towards
fully-finished properties that need next to
nothing done to them.

Anecdotally, we hear many such stories to
support this – homeowners who bought
doer-uppers in their ideal locations, planning five years? Buyers may even be more tempted
to upgrade the property over time, who have than before to choose a newer property which
found that the costs involved would be so comes fully-fitted with all the eco-friendly bells
The costs of having high, that it makes more financial sense to and whistles.
move to a more finished property, even if that
work done have means compromising on location. So, if you’re considering what you need from
escalated wildly over Our monthly list of the ten most-viewed your property, and weighing up whether to
make the changes yourself or move to a
the past five years – properties on espc.com also reflects this, home that’s more aligned with your wishes,
there’s plenty to bear in mind. The costs of
with overwhelming interest in turnkey
Which? estimates that homes compared to those that need more having work done may be far higher than you
the cost of installing a substantial work doing to them. It appears that estimate, so it’s really worth doing your sums
prior to committing to making improvements.
buyers would rather plunge their hard-earned
new kitchen alone has savings into the property itself (perhaps It’s also worth noting that every property (even
in Edinburgh!) has a ceiling price, so if you’re
taking a hit on location in the process) rather
soared 22% since 2019. than commit to the ever-increasing costs planning on making major changes, you
associated with renovations. should be mindful of the fact that you may not
recoup your costs at sale.
We’re also seeing much stronger levels
of interest in properties that offer long- Moreover, it’s a good time to move house.
term potential, which seems to be very There is far more choice on the market than I tend to find that once you have that inkling to
sensible when you also take into account we’ve seen in recent years, giving buyers move, it generally doesn’t go away – so even if
the impending expectations of the Scottish plenty of options and a far less competitive you decide to stay put and invest your money
Government when it comes to energy environment for making offers, meaning into refurbishing your current home, you might
efficiency. If we’re all going to need to spend you’re more likely to secure a home for closer find that you revisit that decision sooner rather
thousands of pounds on upgrading our to its Home Report valuation, allowing you than later. My advice? Sooner means taking
homes’ heating systems, surely it makes more flexibility in your affordability. Mortgage advantage of a market that’s currently a great
more sense to buy a property that you can rates are slowly falling too, meaning you could place for a buyer to be – so I’d say, perhaps it’s
stay put in for a long time, rather than one find better affordability now than you could time to start your search for your fully-formed
that you may need to move on from in three- even a year ago. dream home after all.

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