New research has found that homebuyers are spending more than £10,000 on doing up their homes in the first 12 months of ownership.
According to Aviva, with around 679,000 owner-occupier moves happening every year, this puts the first-year home makeover total at £6.8 billion for the whole of England.
The study, which polled 1,000 people, found that the most popular choices for first-year transformations are redecorating the bedroom (47%) and the living room (43%).
New home-owners are also like to install new kitchens in the first year (18%), or splash out on a new bathroom (18%).
The research found that that people are far more likely to make cosmetic changes to their new homes rather than investing in home security, with only 8% of new movers saying they had purchased any sort of security system in their first year.
Fewer than half of those questioned said they updated their home insurance after doing up their properties, meaning some homeowners may be underinsured if they have made significant purchases or changes.
While six out of ten use savings to pay for their renovations, almost one in five put their expenses on credit cards, one in ten are happy to ‘buy now, pay later’ with store credit.
Adam Beckett, propositions director for Aviva, said: “Buying a new home is incredibly exciting, so it’s understandable that people want to put their stamp on their new property and make it feel like their own. It’s also no surprise that some people run away with their renovations, and one in three end up spending more than they intended!
“If people are making a lot of new purchases, we’d encourage them to review their home contents insurance, just to make sure they’re adequately covered in case anything did go wrong. And if people are making significant changes such as building an extension or a loft conversation, we’d also recommend that they get in touch with their insurer as this could mean that they need to update their buildings insurance too. Homes are certainly people’s castles so we want to make sure the right cover is in place.”
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