First-time buyers are discovering to their cost that snapping up a cheaper property might not be the bargain they originally thought it was.
As a result of soaring house prices and deposits, over a fifth of first-time buyers have turned to lower priced properties in need of doing up to get on the property ladder – spending £4,600 in the process.
According to new research from specialist insurance broker Towergate, more than a quarter (27%) of new homeowners have had to fork out extra cash for a professional contractor to fix their mistakes – costing an average £2,358.
The average price paid by a first-time buyer stands at £180,677, with a typical new homeowner paying £1,114 on stamp duty – half as much as they are paying for fixing DIY disasters.
Separate research among members of electrical contracting industry body NICEIC has shown a summer spike in callouts to fix DIY mistakes, with nearly a fifth (17%) of contractors reporting an increase in requests during this time of year.
First-time buyers are also shunning relaxing summer breaks and taking nearly a week’s holiday allowance (4.8 days) to carry out DIY and home renovation work.
Annie Plaskett from Towergate said: “Given the cost to get on the housing ladder, it’s not surprising first time buyers are looking for cheaper properties which require work. It also means they are looking to save costs on employing contractors choosing to do it themselves or use family and friends. However, as our research shows, undertaking ambitious projects with little to no formal training can leave new homeowners seriously out of pocket.”
Tony Cable from NICEIC said: “Have-a-go heroes tempted to undertake the work themselves should think twice and seek professional advice, as it could end in disaster. Most DIY jobs are not as simple as they may seem and mistakes with electrical wiring, for example, could be fatal. Not using properly qualified trades people is not only dangerous, it’s a false economy and could end up costing the homeowner thousands of pounds and a lot of hassle to put right.”
What Mortgage has teamed up with London & Country to offer you expert advice on the right mortgage deal.
Whether you’re buying a new home, remortgaging to a new deal or buying an investment property, L&C can help – and you’ll pay no fee for their advice. To find out more, click here.
Loading ...