Almost a quarter (23%) of homebuyers go over budget when renovating or decorating their new property, spending almost £7,500 more than they had planned, new research has revealed.
First Direct found that most home buyers spend time and money renovating and redecorating in the year they move in. Buyers budget an average of £10,040 for renovation and redecoration but end up spending far more than that – underestimating the true cost of the work by 74%, or £7,427.
The poll of 2,000 Brits found that young buyers are more likely to get their figures wrong, with 30% of them going over budget, compared to just 17% of over-55s. This may reflect young people’s inexperience with the cost and difficulty of home improvements, or perhaps their unrealistic expectations of what they can achieve with their dream home.
Of all the UK regions, Londoners overspend the most, putting aside just £6,278 for renovating a new property but spending £11,128, underestimating the cost by 77%.
The survey also showed that sellers spend an average of £5,823 on decorating and remodelling before putting their house on the market.
Dan Simson of Direct Line comments: “Many home renovation shows have given people a false impression of the real cost of remodelling a property, so before you bite off more than you can chew, it’s important to research and price the work accurately.”