8 Sep

Homebuyers encouraged to save more for new property

Homebuyers encouraged to save more for new property

Homebuyers have been advised to save more money when considering purchasing a house for sale in the UK.

Recent findings from money.co.uk have revealed that the cost of buying a new property is more than most potential homeowners account for.

It showed that homebuyers have unrealistic expectations of costs and reported that 21 per cent spent more on their properties than they intended to.

Homebuyers were also advised to take into account decorating costs when buying their new home, after 23 per cent admitted to not budgeting for refurbishment expenses. This is despite the average homeowner spending £8,000 during the first year in doing up their homes.

Managing director of money.co.uk Chris Morling said: "These findings demonstrate why methodical planning and budgeting are such important first steps to buying a property."

This comes after What Mortgage editor Ben Wilkie told homebuyers that house prices are likely to remain unpredictable in the near future - a comment which could encourage homebuyers to save more for their property purchase.ADNFCR-1222-ID-800057327-ADNFCR

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