Homebuying costs more than you think
Brits may be more inclined to invest in home improvements like bespoke conservatories rather than move after hearing the latest figures from money.co.uk.
The firm conducted research which found that many Brits are thousands of pounds out when budgeting for buying a new property.
It discovered that one in five (21 per cent) buyers pay over the odds for their abode of choice, with the average overspend totalling £23,000 - enough to build a decent sized conservatory or kitchen extension.
Many Brits then go on to upgrade their new home, with the typical buyer spending £8,000 in the first year.
Unfortunately, almost a quarter (23 per cent) do not budget for this expenditure and have to dip into their long-term savings to help meet the costs.
Other ways chosen by Brits to make up the shortfall include credit cards, mortgage extensions and personal loans.
"These findings demonstrate why methodical planning and budgeting are such important first steps to buying a property," explained managing director Chris Morling.
Meanwhile, Aviva research has also shown that a quarter of over-55s are being forced to spend their savings on unexpected expenses.
Posted by Ashley Ault
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