Hidden Costs Of Buying Another Factor In High Tenant Demand

As anyone who watches property-based television shows will know, property purchases can easily run over budget. This is very often the case for even seasoned property investors, yet the extent of the miscalculation and the impact on personal finances is most dramatic for first-time buyers.

A recent study by money.co.uk has shown that 21% of home buyers overspend at an average rate of £23,000 per transaction. In addition, these buyers typically spend around £8000 adding personal touches, buying new furniture and addressing problems at the property. First-time buyers in particular are more likely to underestimate the full costs of their purchase.

It is no surprise that many people who have assessed the costs correctly are opting to rent or continuing to rent rather than buy. This is creating strong tenant demand for rental property across the UK, welcomed by both landlords and the letting agents providing services to them.

So what is the advice for those still wishing to buy or in a position to buy? The solution is simple - planning, planning and more planning. A thorough and detailed approach combined with accurate and realistic budgeting will help buyers avoid ending up in the difficult financial position of costs beginning to spiral out of control.

To assist home buyers money.co.uk have designed an interactive action plan to help identify some of the hidden costs when buying a home.

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