8
Sep
Homebuyers encouraged to save more for new property
Homebuyers have been advised to save more money when considering
purchasing a house for sale in the UK.
Recent findings from money.co.uk have revealed that the cost of
buying a new property is more than most potential homeowners
account for.
It showed that homebuyers have unrealistic expectations of costs
and reported that 21 per cent spent more on their properties than
they intended to.
Homebuyers were also advised to take into account decorating costs
when buying their new home, after 23 per cent admitted to not
budgeting for refurbishment expenses. This is despite the average
homeowner spending £8,000 during the first year in doing up
their homes.
Managing director of money.co.uk Chris Morling said: "These
findings demonstrate why methodical planning and budgeting are such
important first steps to buying a property."
This comes after What Mortgage editor Ben Wilkie told homebuyers
that house prices are likely to remain unpredictable in the near
future - a comment which could encourage homebuyers to save more
for their property purchase.