10 fixer-upper hotspots

While renovating a home might not be as simple as tester-pot deliberation and scattering cushions, working through the challenges of 'a project' can have some big rewards. Not least ending up with a home that's a top-to-bottom expression of your style and taste.

We're a nation that loves to pore over interior design inspiration, and sometimes even roll up our (dust-covered, paint-splattered) sleeves to get to work on décor changes. Or tackling even bigger renovations, such as adding an extension.

So, just how much could you save if your next home requires some work, rather than opting for a 'turnkey' property? Our study shows that home-movers can expect to pay around £327,000 for a doer-upper home, which is £44,000, or 12% below the current average asking price of £371,858.

Take a look at the areas with the most fixer-upper homes for sale

Taking on a fixer-upper is a prospect many home-hunters remain open to, whether that's renters looking to buy their first home, or homeowners looking to take their next step up the property ladder.

In our recent survey of 34,000 people, we asked why home-movers would be swayed towards a fixer-upper home. For those currently renting, 73% were motivated by the opportunity to potentially purchase a property at a lower price, while the same percentage of homeowners said the opportunity to create their perfect home would be the main motivator.

And more than half (57%) of renters and homeowners also considered a renovation project as an opportunity to improve the energy efficiency of the home they were buying, which could result in a longer term drop in energy bills.

Our property expert, Tim Bannister, says: "Tackling a renovation project could be a more affordable way to get on the ladder and to make a space your own. While they do require time and planning, many find the process worthwhile, as it can offer both financial benefits and the satisfaction of creating a home that truly fits their needs."

Once you've used our Instant Valuation tool, you'll also get access to our Renovation Calculator to help you work out how much value could be added to your home from any extensions you're considering. Or if you've already carried out works, you can see how much the project has added to your home's value.

The header image for this article was provided courtesy of Brown & Co J H Walter, Lincoln

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