Home buyers are spending more than £5,000 on their new home in the first year of living there.
Sainsbury’s Bank Home Insurance quizzed shoppers in its supermarkets on what they spent on a new home.
Almost a third (29 percent) confessed they’d spent £5,000 or more on their property in the first year of ownership.
A quarter (24 percent) said they had forked out between £1,000 and £3,000 doing up their new home. A paltry 8 percent said their outgoings on a new home once they’d taken possession was less than £500.
Failed to update home insurance
Homeowners told Sainsbury’s they had made their new house feel like a home by installing a new kitchen or bathroom (21 percent); painting the walls (18 percent); and putting up pictures and photographs (52 percent).
However, less than half of those quizzed (47 percent) said they had updated their home insurance policy to reflect their increased financial investment in the property.
On how long it takes for a house to feel like a home, 26 percent said for them it was between six months and two years.
Just over a third (35 percent) told the survey they felt right at home instantly, while almost a third (30 percent) said the first time they hosted friends or family was when they felt at home.
Rewarding but expensive to make a home
Karen Hogg, head of home insurance at Sainsbury’s Bank, said: “Turning a property into a home is rewarding, but it can be expensive.
“Our research found that the vast majority of homeowners have both building and contents insurance.
“But around half of them are revisiting their cover if they add items and improvements.”