As if saving for a deposit, paying moving costs and forking out mortgage fees was not enough, a third of homeowners are spending an extra £5,000 to ‘do up’ their new pad.
Research by Sainsbury’s Bank has found 29% of people were paying this amount or more in their first year of homeownership to make their house a home. A quarter, meanwhile, were happily spending between £1,000 and £2,999 to decorate and furnish their place.
Purchases ranged from less expensive accessories such as photo frames and pictures to dramatic changes such as a new kitchen or bathroom. Nearly a fifth decided to paint the walls.
Just 8% of new homeowners spent less than £500 doing up their property in the 12 months after they moved in.
It’s not just money with which people were parting to turn their house into a home, said Sainsbury’s Bank. Indeed, many were investing lots of their time into making their environment more cosy and comfortable.
A quarter revealed they took between six months and two years to feel their new property was their home.
Karen Hogg, head of home insurance at Sainsbury’s Bank, reminded anyone who has just moved into their new home and who was looking at making improvements to think about their insurance.
She said the research also found under half of those quizzed updated their home insurance policy if they purchased a big ticket item for their new place.
“Turning a property it into a home is rewarding but it can be expensive,” she said.
“Our research found that the vast majority (94%) of homeowners have both building and contents insurance but around half of them are not re-visiting their cover if they add items and improvements.”
Sainsbury’s Bank’s cost-effective tips for making a house into a home
- Be inspired: Start creating Pinterest boards and follow bloggers to gather ideas on how to decorate your new home on a budget.
- Quick wins: If you’re exhausted after moving, think about the quick wins that will have an immediate impact on how homely your property feels, such as putting up lampshades and adding throws to a sofa.
- Add some greenery: Grow some plants or herbs in your kitchen to boost the vibrancy of your new home.
- Say hello to your neighbours: Feeling part of the community from the get-go will provide you with more positive associations with home.
- Consider costs: Make sure you’re covered with both buildings and contents insurance when moving into a new property.
