Getting onto the property ladders has left many first-time buyers broke with one in four admitting they lived in an empty house for months as they could not afford furniture.
That’s according to specialist bank, Aldermore, which has found the initial costs of decorating and making repairs to a new home has caught many new buyers unawares and left them struggling to make ends meet.
In a survey of 1,000 prospective and 500 actual first-time buyers, a third revealed they had spent more than £3,000 on decorating and furnishing since they bought their property.
But, on average, first-time buyers were spending £563 a year on the work to decorate their home and £289 a year on unexpected bills such as plumbing or boiler repairs.
As many as 13% said it took them years to actually furnish their property in the way they wanted.
Surprise bills
Another element of homeownership which caught first-time buyers off guard was household bills.
Indeed, many first-time buyers quizzed by Aldermore had previously lived with parents or in accommodation where bills were included as part of the rent. As such, they were surprised the total cost of council tax, ground rent, home insurance and the utility bills could mount up to as much as £6,200 annually.
Damian Thompson, director of mortgages at Aldermore, said becoming a home owner was a wonderful step forward in a person’s life, but the first year of home ownership could bring with it some financial challenges and responsibilities some may not have fully anticipated.
“It is unlikely that many new home owners will feel their house is a home on day one,” he said. “It can take time and money to do repairs and decorate the house the way they would like it to be.
“New home owners should try to continue a regular savings routine, seek advice, and ensure they look to have some money put aside for those unexpected repairs and life events that happen from time to time.”
Ways to reduce the cost
Anyone keen to find ways to furnish their home without forking out lots of cash should consider upcycling or recycling.
Indeed, Charis Williams ‘The Salvage Sister’ said reusing old items, by giving them a makeover, meant you were also reducing waste and conserving the environment.
