House-buying costs stall home improvements
One homeowner’s good taste is another’s instant dislike according to a report which reveals that redecorating is the top priority for house-buyers.
Three-quarters (74%) of those who responded to the survey for Purplebricks, said their first improvement job after purchasing a new property was to change the décor.
Just over one in three (34%) said they spent between £1,000 and £5,000 within the first three months of moving in while 15% spent over £25,000.
After picking up a paintbrush, new carpets and curtains came next on the list of changes followed by new furniture, then a revamp of the kitchen and the bathroom.
Structural alterations such as adding extra rooms or outdoor and garden space was considered by one in 12 of those questioned in the report, which looked at the effects of house-buying costs on home owners.
Almost everyone questioned (92%) said plans to create their dream home were delayed due to unexpected bills.
Two thirds admitted that they had miscalculated the full cost of buying a property and had failed to take account of estate agents’ and solicitors’ fees.
When it came to estimating the amount of commission payable on selling a £500,000 house, 96% underestimated the cost and one in seven (16%) said they had no idea what the bill would be.
When asked what they would do if they saved money on a sale, 88% of sellers said they’d spend it on improvements for their new home. 12% said they would take a holiday to get over the stress.
Here are the top jobs on moving into a new home:
- Installing the TV
- New curtains
- New carpets
- New furniture
- Revamping the kitchen
- Updating the bathroom
- Installing window shutters
- Creating extra room
- Installing extra bathroom/ensuite
- Landscaping/improving the outdoor space