According to new research the average home owner spends around £10,743 on updating their property within the first five years of moving.
The research from Furniture Choice says that many homeowners spend money out on unexpected repairs to their properties, including issues with plumbing and electricity up to the tune of around £3,500, as problems are not always picked up by home surveys.
Replacing floors and windows is one of the most common home expenditures, costing the average home buyer around £1,000, other items include £2,000 on furniture, with sofas being the biggest item of expenditure, costing around £700, followed by an average of £700 being spent on white goods.
Buyers are usually unprepared for these expenses as some sellers hide worn flooring with furniture, outdated boilers and so fourth. So it’s worth bearing in mind when looking at purchasing a property that although it might be marketed as ‘newly furnished’ that some items could still need replacing. At Intercounty we would always advise buyers to take a closer look at items such as boilers to make sure they have been updated and to put some money aside on top the property value for any repairs or changes that cannot be anticipated.