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Home buyers pay extra to avoid kitchen DIY

Posted by Sinks on 27th Jun 2017

A significant proportion of UK home buyers are willing to pay a premium to secure properties that do not require any DIY work, new research shows.The Post Office Mortgages Homebuyers Report found that a fifth (20 per cent) of homeowners are willing to pay on average an extra 11,931 to move into a house which requires no home improvements such as kitchen remodelling or other work.Such news suggests that many home buyers would expect to have a top quality kitchen sink or set of taps installed in their new properties before moving in.In addition, the report found that a quarter (24 per cent) of home buyers are prepared to pay on average an extra 10,043 to secure a garden or roof terrace.According to the Post Office report, people seeking coastal locations are willing to pay the highest premium to live in their perfect place - on average an extra 20,448.Commenting on the finding, Nick Marr, director of the Little House Company, said that some owners of waterside homes may find that their property is undervalued by lenders.Some mortgage companies for example look at the postcode and Land Registry data to help value a property in that area. The desirability of [a] location can sometimes be missed leaving the vendor with an undervaluation, he added. ADNFCR-1321-ID-800050108-ADNFCR