Homeowners ‘put move on ice’ to make needless improvements
Nearly 33% of potential property sellers are delaying a decision while they make changes such as a new kitchen or bathroom, a new poll reveals.
Up to one in three homeowners are delaying a move because they are making ‘unnecessary’ improvements to their property.
Many potential sellers believe their home won’t sell or attract a good price unless they make some big changes, according to a survey.
Market-ready
The findings, compiled from a survey by homebuying service We Buy Any Home, show that 32% of the 1,000 people polled said their house needed work to be market-ready.
And owners aged between 35 and 44 were most likely to identify upgrades as a top reason for delaying a sale.
Other reasons stopping people from selling included worries they wouldn’t get the price they would like (42%), a desire to wait and see if the market improves (33%), and almost a quarter (24%) saying the process was simply ‘too much hassle’.
Kitchen upgrade
Over the next five years, 41% said they were planning a kitchen or bathroom upgrade.
The second most popular reason was garden improvements and landscaping, while 17% said they were planning to install solar panels.
Elliot Castle, CEO of We Buy Any Home, says: “Our survey has found a significant number of people are holding off on moving because they think their home needs to be perfect.
Many sellers feel compelled to renovate before taking the leap.”
“From outdated kitchens to tired exteriors, many sellers feel compelled to renovate before taking the leap, which often comes at significant cost and stress,” he says.
Feeling stuck
“But people shouldn’t feel stuck just because their home isn’t ‘market ready’.
“Major home improvements can run into tens of thousands of pounds. Many people want to put their own stamp on a property when they move in, so it’s important to ensure any house renovations justify the cost of the outlay.”
