Direct Lenders exploring the different options
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Transcript of Direct Lenders exploring the different options
The true cost of renovation projects in
The Property MarketMany people in the UK struggle to get a firm foot on the property
market and as such find themselves looking for
less costly and therefore more feasible options to
consider.
Increasing Trend Britons Often as a result of this increasing trend Britons are finding themselves effectively living on a
‘building site’ for considerable periods of
direct landers.
According to ResearchAccording to research
byconfused.com a staggering 45% of
Britons later found that such renovation
properties costed more than the amount which
had originally been budgeted for.
Renovation PropertiesClearly though even with this fact in mind, the lure of renovation properties
continues to increase with this recent survey concluding that 35% of people asked brought a property needing repair
as the only way to secure a place on the
property ladder.
Realistically FacingToday we will be investigating this
consumer habit in greater detail to
understand exactly what consumers in this position are realistically
facing.
Renovation PropertiesClearly though even with this fact in mind, the lure of renovation properties
continues to increase with this recent survey concluding that 35% of people asked brought a property needing repair
as the only way to secure a place on the
property ladder.
Renovation ProjectWhilst it is true that in
most locations in the UK that a renovation
project will come in cheaper, as we have
touched upon above, the true cost of the
entire project can be misinterpreted by
many.
Research Conducted by Confused
The research conducted by confused.com not only highlighted that over a third of those
purchasing properties in this way later
discovered
The Average Amount Spent
That said the average amount spent on a
property requiring work was £152,792.00, which as reported by Halifax in January 2016 is in fact £44,000.00 below the average price of a UK
house.
Funding Available to Renovate
Obviously this means for buyers in this position there is sizable funding available to renovate the property as required. Halifax’s research further suggested that an
average of £33,000.00 was spent on such properties
allowing for fair and worthwhile profit margins
upon completion payday loan landers.
Purchased a Property The survey compiling
these findings found of the 2000 people questioned, 1000 were discovered to
have purchased a property with the knowledge of
development work being required and 8% of these
admitted to not being able to afford to complete the work which was known to
be needed.
Property Ultimately Exceeded
In fact nearly 1 in 5 homeowners say that the market value of
their completed property ultimately
exceeded the total cost of purchase and
subsequent work required.
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