29 September 2017

First time buyers don’t need to make a meal of finding dream home

Survey by building society reveals first time buyers would turn down potential homes if it had an outdated kitchen that required renovation

Research by Principality Building Society has revealed that almost half of British homebuyers would shy away from putting down a deposit if the house needed a new kitchen.

In fact, some 43% of 2,000 homeowners across England and Wales would turn down a property if it needed work on the kitchen, yet nearly half (49%) would feel comfortable fitting white goods such as dishwashers and washing machines.

Once they’ve found their dream home however, first time buyers would look to save pennies by cutting down on their food bills, with 20% stating they would dine on frozen and tinned food to save for other purchases around the house. But when compared to furnishings, location or even that all important kitchen, 67% of respondents say it’s the people living in the house that make it feel homely.

Speaking about the survey findings, Principality Building Society’s Chief Customer Officer Julie-Ann Haines said: “With such high demand for housing across the whole of the UK and so many potential homeowners looking to get on the market, first time buyers shouldn’t immediately dismiss a house for the work it might need doing to it. While taking on a home renovation project might not have been in your original plan, you could make a big impact on increasing the home’s value and end up with your dream property in the process.

“Willingness to strip back on some of life’s luxuries to save for DIY projects or homeware purchases will go a long way, but ultimately a house feels like a home thanks to the people living in it.”

To help this nation of first time buyers, Principality Building Society’s online toolkit First Time Trier aims to break down the barriers and put the fun back into first time buying. You can check it out on our First Time Trier page.

Published: 29/09/2017

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