A growing number of first-time buyers are opting to buy “fixer-uppers” as a quicker way to get on the property ladder.
Emma Mortimer, 33, is one such person who opted for a home that requires extensive renovation to save money.
She paid £190,000, with a 10 per cent deposit, for a three-bed semi-detached property in Bolton, Greater Manchester, and said the price was the “main reason”.
“The area we wanted to live in is generally quite expensive, and the thought of a new build would be lovely, but the prices would just not suit our financial position,” she said.
Emma, who lives with her partner and young son, said she was determined not to overstretch herself financially.
“I needed somewhere affordable and realistic – I didn’t want to be over my head financially when it came to mortgage payments. The houses we went to look at in our price bracket were all very much fixer-uppers.”
She chose a home that needed a lot of work – the ceilings were yellow from previous owners’ smoking, and the living room was bright red and tartan, with little work done since the 1980s.
Emma ripped out a fireplace, put new flooring in, installed new skirting boards, did some rewiring and painted everywhere in the living room (Photo: Emma Mortimer)Emma is one of many opting to buy cheaper and take on work. Research from Nationwide suggests Britain’s generation of “first-time fixers” are increasingly buying rundown homes because they simply cannot afford move-in ready properties.
Two-thirds of first-time buyers said they bought a cheaper home because it needed renovation or DIY work, while 75 per cent said the work ended up being more extensive than they first expected.
More than four in 10 said buying a home needing work allowed them to live in the area they wanted, while 30 per cent said it meant they could shape the property to their own taste.
But the DIY reality can quickly spiral. Six in 10 have already spent more than £2,500 on renovations.
Emma said that instead of compromising on location, she chose potential over perfection, adding: “I wanted to prioritise amenities, location and schools.”
Like many first-time buyers, Emma spent years saving through a Help to Buy ISA – a product in which the Government tops up your savings to buy a first home – which she is “very proud of”. She has been saving since her university days and is the first person in her family to own a property.
Emma and her partner have spent the last year transforming their three-bed semi-detached home room by room.
“We prioritised my son’s bedroom and actually managed to do that in 12 hours when he was with grandparents. We even impressed ourselves.
“The living room was a much bigger job. We ripped out the fireplace, put new flooring in, new skirting boards, did some rewiring, painted everywhere – and it’s still not done.”
The living room has had many improvements but Emma says she isn’t done with renovating it yet (Photo: Emma Mortimer)The work has been done over a long period, so the couple aren’t sure of the overall cost, but they have tried to do as much work themselves as possible and have saved around £6,000.
Emma added: “My partner loves to learn via YouTube. He has learned and done so much to the house from this.
“One flooring quote we got came in at more than £2,000. We managed to buy the floor for £400, and he learnt to fit it himself. I actually got a student loan refund [after overpaying on tuition fees] for £400, so I count it as free.”
Renovation life can be exhausting, though. Emma anticipates it will take them around five more years to complete their home, due to costs.
Financially, she knew the process would take time, especially as they are trying to save for their wedding next year at the same time.
They have a small pot of savings and will continue to dip into it as and when they need to, but tend to rely on credit cards, she said.
Despite the stress, she has no regrets, explaining: “It’s the best thing I ever did. I also wouldn’t see any other way for us to financially get on the property ladder anyway.
“We just want to get this home to where we feel like it’s our little palace for our family.
“It took a lot of hard work, but knowing we are in our very own family home and it’s ours is incredible.”
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