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Second-time buyers 'see greater value' in home improvements
18/03/10
Edited by Andy Jowett.Home owners on the second rung of the residential property ladder typically stay in their house for longer than their first dwelling and therefore tend to benefit more in the long-term from enhancements to its interior and exterior, it has been claimed.
Andrew Skipwith, founder and chief executive of Rated People, said that many second-time buyers choose to purchase a house in a similar price range to their first abode.
As they are typically earning a higher salary by the time they move up the property ladder, they normally have more money to invest in big home improvements that reflect their own tastes, he added.
Furthermore, a second property is often where buyers want to start a family, so their residence will normally receive extra tender loving care compared to their first property.
"Second-time movers are more likely to have cash to spend on home improvements and look towards making bigger alterations to their home to suit their needs over a longer period," Mr. Skipwith said.
According to government figures, the average house price paid by owner-occupiers moving to a new residence stood at £242,404 in January.
