One Brit in 10 has bought a house as a renovation project, according to a new study.
The research also shows the average profit people made or expect to make for their efforts is between £20,001 and £30,000.
But some home renovators were expecting much more. Eight per cent of respondents claimed they had either pocketed or hoped to make a profit of more than £100,000.
The research was carried out by mortgage and loan provider Ocean Finance.
Company spokesman Ian Williams said while renovating could be daunting, it could be a way to “bag your dream home for a bargain price” – and even make a profit.
“Of course, people should always make sure they carefully budget so that they don’t end up spending more than they can afford on doing up the property, and that they don’t take on a project they can’t manage.”
Nearly half (46 per cent) admitted the work had been harder than anticipated – but 63 per cent of people still said they would do it again.
People aged between 25 and 34 were most likely to have invested in a property in need of improvement, with nearly one in five (19 per cent) taking on the challenge. Londoners were also the most likely to take on a renovation project, with 20 per cent having bought to renovate.
