Homeowners spend £11k in first five years on new home

Buying a property is just the start of the big spending according to new research, which has found that average property buyers spend almost £11,000 on their new home in the first five years after the purchase.

The study from online retailer Furniture Choice found that basic furniture sets buyers back around £2,140, with sofas (£669), beds (£381), wardrobes (£314) and dining sets (£308) adding to the mounting costs.

What’s more, buyers aren’t just having to splash the cash for new belongings; there is also significant spending associated with upgrading what was already in place. For example, the study suggested an average of £205 is spent replacing light fixtures, with a further £699 spent replacing flooring.

Other unexpected costs include problems with the plumbing and electricity, waste removal and general repairs. Furniture Choice’s research found that an average of £3,543 is spent simply on maintenance and renovation.

Different types of property come with different spends though. Furniture Choice found that those who own a pre-Georgian detached house have spent an average of £8,709 on maintenance and repairs in the first five years of home ownership, making it the costliest type of property to own. This was followed by Georgian detached (£5,262) and 1950’s bungalow (£4,913).

Tom Obbard from Furniture Choice noted buying a house is stressful at the best of times, but these additional costs make clear that saving simply for a deposit is not going to be enough.

He added: “Budgeting for furniture can begin before you even look for a house; starting a Pinterest board or even a spreadsheet to get an idea of cost, as well as style, can really help to give an indication of how much you will need to save.

“Stick to the basics at first; a bed, sofa, and dining sets are always good to start with. Smaller items can be bought gradually if you’re on a tight budget.

“Some costs, such as repairing ‘hidden’ damage, can’t be foreseen, but having an emergency buffer in place will help to limit any financial strain these problems have.”

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