Many home buyers fail to budget for kitchen work
Posted by Sinks on 27th Jun 2017
A significant proportion of home buyers fail to budget for additional maintenance work like kitchen renovations, a new study shows.Research by money.co.uk found that while new home buyers spend an average of just over 8,000 on their property in the first year after purchase, 23 per cent do not budget for such expenses.In addition, the study revealed that for the average under-budgeted buyer, 60 per cent of the shortfall comes from long-term savings, thereby weakening their ability to cope with future rainy days.Commenting on the findings, Richard Wilson at lettings agency Ashley Peck said that buyers should always check with the owner or estate agent about what is included when negotiating the price of a house.Things such as curtains and carpets dont necessarily stay, he observed.Meanwhile, Sean Murphy of Build.com recently observed that the average homeowner is likely to end up doing some kitchen DIY at some point in their lifetime - whether it be a full makeover or simply replacing a kitchen tap.