New home movers and buyers spend an additional £8,000 on home renovations in the first 12 months of moving, new research has found.
Money.co.uk's survey reveals that more than half (57 per cent) of new homeowners spend the money on making their property "feel like home".
The second biggest reason for investing was to make the space right for their families (26 per cent).
Only two per cent were prepared to invest in the designer look, while a paltry six per cent showed interest in increasing the value of property.
Despite this, more than half spent on furniture (54.7 per cent) and soft furnishings (54 per cent), with two-thirds (66 per cent) using their spare money for 'general decorating'.
The money comes from a combination of extended mortgages (21 per cent), credit cards (27 per cent) and personal loans (15 per cent) – suggesting that property buyers should plan ahead if they want to really make the most of their new home.
Commenting on the findings, property expert Sarah Beeny said: "It amazes me how some buyers are still jumping in feet first without a thought for their budget limitations. House buying and renovation can be a rewarding and lucrative exercise, when done properly and to a budget.
"But hasty decisions on must have properties, fixtures or fittings will just result in financial turmoil."
See Also: Property News (5994)
Date Published: 08 September 2010
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