So what’s best for you? Here, we outline the key considerations of both options to help you make your next move with confidence.

The pros and cons of a turnkey property

Turnkey homes appeal to buyers seeking ease, certainty and speed.

The advantages:

• Firstly, and most obviously, turnkey properties are less time-consuming and tend to be hassle-free. You can simply turn up with your removals van and move straight in.
• Newly built or recently refurbished homes typically offer excellent finishes. New builds come with a snagging period in case something needs tweaking and are often significantly more energy efficient.
• You don’t need to worry about finding alternative accommodation while renovation works are taking place.

The trade-offs:

• One possible downside is that you don’t get much creative input. While cosmetic changes can be made in time, the initial look and feel are predetermined.
• There is potentially less scope to add value – particularly if the property doesn’t offer the opportunity to further extend or create more living space.  

The pros and cons of a doer upper

A doer upper offers something a turnkey property may not: opportunity.

The advantages:

• From floorplan configuration to decor and specification, you have full control and creative freedom within the structure of the building, allowing you to create a home that reflects your own style and needs.
• Doer uppers give a fantastic feeling of achievement, which lasts throughout your time in the property. There is great satisfaction in being surrounded by the rewards of your own hard work.
• If you’re willing to put the work in you can sometimes bag a bargain or a hidden gem. Properties requiring renovation are priced accordingly. This can be especially appealing in areas forecast for strong house price growth, where buying at a low entry point and improving the property positions you well for future uplift.

The trade-offs:

• Renovations demand commitment. Timelines can stretch, decisions mount, and budgets can creep if not carefully managed. A contingency is essential. Improving energy efficiency will pay dividends but be aware that measures such as wall insulation and double glazing are often unsuitable for older buildings and could cause unintended negative consequences.
• You may need alternative accommodation during the works, which can add pressure, particularly for young families, or buyers working full time.

Further information

Contact Ellis McQueen or Helen Hammond

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