Home renovations

Whilst we like to watch the experts revamp crumbling cottages and transform terrible rooms, it seems weÔÇÖre not so keen when it comes to tackling the task ourselves!

Despite TV schedules being chock-a-block with home renovation, DIY and make-over programmes, a survey carried out for comparison site Gocompare.com found that more than four in five house-hunters look for properties that need very little work, whilst less than a quarter would take on a property that needed major renovations. And nearly a third of us would go one step further and refuse to buy anything other than a new build!

The survey, commissioned by Gocompare.com home insurance, questioned more than 2,000 people about what they would look for in a new home.┬á Although nearly two thirds (63%) voted for older properties ÔÇô which are renowned for needing a lot of TLC – most wanted a home they could move straight into, with 81% looking for a property that need very little doing to it.

Of those homebuyers up for a ÔÇÿhouse projectÔÇÖ, 39% said they would consider taking on a building project, such as an extension, whilst less than a quarter (24%) of people quizzed would be happy to buy a property that needed major renovation work.

Old versus new

Amongst the reasons for homebuyers preferring old properties were:

• (48%) of respondents said that they thought older homes tend to have larger rooms than new builds
• 35% were attracted by the character and original features of older homes
• 15% didnÔÇÖt want to live on a new housing estate

New properties were popular because:

• 34% thought that new-builds are well insulated and cheaper to heat than older houses
• 28% think new homes are maintenance free
• 24% liked their modern look

GocompareÔÇÖs Ben Wilson said: ÔÇ£While many people enjoy watching home make-over and renovation programmes on TV, our research suggests that most arenÔÇÖt that keen on undertaking their own ÔÇÿgrand designÔÇÖ project.┬áBut if you do feel inspired to undertake a major house renovation or are planning an extension to your home, you should speak to your home insurer before you start work.

ÔÇ£Often insurers will need to include specific exclusions or conditions on your policy during the build phase if there is likely to be scaffolding erected or walls and doors are being temporarily removed.┬áRenovation projects, particularly those that involve the installation of a new kitchen or bathroom, or the building of an extension, also usually increase the propertyÔÇÖs rebuild cost, whilst the addition of new furniture, household appliances and furnishings may push-up the value of your contents. So your insurer may want to review your sum insured, as well as making sure your renovation plans donÔÇÖt invalidate your cover.ÔÇØ

Gocompare.com has produced this guide covering home insurance and moving home, whether youÔÇÖre buying a project house or moving straight into a new build.