More than a third of UK homeowners spent almost £10k more than they had planned for their last property
- The average amount overspent is £9261.88
- One in 10 (10%) of UK homeowners who overspent their planned budget splashed out over 20k
- Despite this, more than a third (34%) of homeowners plan on moving again
Over a third (36%) of UK homeowners spent more money than they had budgeted when purchasing their last property, and of these, one in 10 (10%) spent more than £20k.
On average, home buyers overspent by a whopping £9,261.68, a recent survey conducted by leading home comparison website Compare My Move revealed.
As well as highlighting the financial challenges of the home-buying process, the research also shed light on common regrets and lessons learned by homeowners.
When asked what they would do differently, 26% of UK homeowners said they would ask more questions during the sales process.
On top of this, 24% commented they wish they had saved more money beyond just the deposit and 22% admitted they would carry out a more thorough home inspection.
Despite these challenges, the desire to move remains strong, with 34% of homeowners saying they still plan on moving again in the future.
Dave Sayce, co-founder of Compare My Move, commented on the findings:
“Buying a home is one of the biggest investments people will ever make, yet many are still underestimating the true costs involved. From solicitor fees to removals and unforeseen repairs, it’s easy to go over budget if you’re not fully prepared.
“Buying a home is one of the biggest investments people will ever make, yet many are still underestimating the true costs involved. From solicitor fees to removals and unforeseen repairs, it’s easy to go over budget if you’re not fully prepared.
“These findings show the importance of planning carefully, asking the right questions, and using trusted services throughout the moving process.
“To help homeowners better prepare and avoid common pitfalls, here’s my top 5 tips for a smoother move:
- Budget beyond the deposit – Account for hidden costs like legal fees, stamp duty, surveys, removals, and potential repairs.
- Ask the right questions – Don’t be afraid to ask sellers about the property’s history, any ongoing issues, or local plans that may affect your purchase.
- Get a thorough survey – A detailed inspection can uncover issues that might cost thousands if missed.
- Use a trusted comparison site – Platforms like Compare My Move help you compare quotes for removals, conveyancing, and surveys, saving time and money.
- Plan ahead and stay organised – Create a timeline, keep important documents in one place, and stay on top of deadlines to reduce stress.”
