The doer-upper is back

Since the cost of building work rapidly increase a few years ago, turnkey properties have been at the top of buyers’ wish lists. Their priority was certainty of costs, and they didn’t want the hassle of finding builders and tradespeople, potentially long delays, difficulties sourcing materials and spiralling costs that made it hard to budget.

Now that’s starting to shift, and the main reason is value. The price gap between renovated homes and do-er uppers, or projects, is now at its widest on record, and buyers are realising that despite the cost of building work and materials still being high, there’s now enough of a margin to make it worthwhile. And they get to put their own stamp on their home too.

Most buyers want to create a home that reflects their own personal style, and that’s never gone away. They’ve just been waiting on the sidelines until the investments makes sense again, and now they are seeing the value opportunity and would rather spend their money on creating their perfect home, just the way they want it, than pay a premium for a finished property in someone else’s taste only to then spend more altering it afterwards.

One of our clients recently faced this dilemma, and when presented with a wide range of properties, including several finished to an excellent standard, they chose to take on a project. Not a huge one, but it will require a good amount of internal remodelling and they plan to invest significantly over the next 12 months.

This reflects a key dynamic we are seeing in West Sussex. While cost pressures remain, and there is still caution in project managing, architects, construction costs and labour shortages, the emotional and practical drivers behind renovation are still very strong.

Most of the buyers we work with are planning to hold the property long-term, and the appeal of creating something bespoke now outweighs the convenience of a finished product.