Aldermore’s latest First Time Buyer Index1, a survey of 500 recent buyers, reveals that half of all first time buyers lived in an empty home for months as they couldn’t afford to furnish their place after their deposit and other homebuying costs wiped out budgets.
FTBs pinch pennies and ditch decorating
On average, FTBs spend £15,509 decorating and furnishing their home. However, one in five (23%) spent over £30,000 personalising their property.
With the price of doing up a property proving to be considerably costly, it took years for many buyers to furnish and decorate their home the way they wanted (22%). Sadly, a fifth (20%) are dissatisfied with the end-result as they had to decorate and furnish on a tight budget.
New buyers get handy to cut costs
Besides the house deposit, on average first time buyers spent an additional £6,3502 on the home buying process – including broker fees, solicitor costs, estate agent fees and the cost of moving. Many buyers fail to anticipate these additional costs and as a result decorating budgets shrink.
In a bid to save money, a third of FTBs (34%) are ditching professionals and are refurbishing and renovating their home themselves. When it comes to furnishing their new home, over a quarter (27%) of recent buyers are jumping on the vintage trend turning to charity shops, car boot sales and second-hand seller websites such as Gumtree to kit out their property.
Jon Cooper, director of mortgages at Aldermore, said:
“The homebuying process is a costly one. Not only do prospective buyers have to save for their deposit, but additional costs such as solicitor fees and moving arrangements all add up. To make the most of their new home, first time buyers will often find themselves looking for ways to save on renovating, decorating and furnishing, and this includes getting their hands dirty.
“While it may seem overwhelming, furnishing your new home marks the last step in the home ownership journey and for many, can be a fun project. There’s no rush to decorate your place immediately. In fact, taking your time and tackling things room by room, for instance, can make things more manageable within your budget.”
Aldermore’s top tips for decorating on a budget:
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Notes to editors
1Research conducted, on behalf of Aldermore bank, by Opinium between 17th – 28th June 2024, among 2,000 Prospective First Time Buyers and 500 Actual First Time Buyers.
2 Based on average costs of the following:
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