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Friday, November 22, 2019

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First year of home ownership can bring with it unanticipated ‘financial challenges’

Sam Monk | 16:12 Monday 14th October 2019

Aldermore’s First-Time Buyer Index has highlighted the importance of understanding the extra costs of owning your first home.

In a survey of prospective and actual first-time buyers, the specialist bank found that 23% claimed the initial costs of decorating and repairs on a home were so high that they were unable to afford any furniture for months.

Other highlights from the survey included:

  • 34% of recent first-time buyers have spent over £3,000 on decorating and furnishing since they purchased the property
  • 13% said it took years to afford to furnish and decorate their home the way they wanted it
  • first-time buyers were paying an average of £563 a year on work needing to be done to the house and £289 a year on unexpected repairs
  • 76% of homeowners were happy to no longer be wasting money on rent
  • 4% of first-time buyers said they were unhappy with their mortgage
     

“Becoming a homeowner is a wonderful step forward in a person’s life, but it is clear the first year of home ownership can bring with it some financial challenges and responsibilities some may not have fully anticipated,” said Damian Thompson, director of mortgages at Aldermore (pictured above).

“New homeowners should try to continue a regular savings routine, seek advice, and ensure they look to have some money put aside for those unexpected repairs and life events that happen from time to time.”

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