"To make the most of their new home, first-time buyers will often find themselves looking for ways to save on renovating, decorating and furnishing, and this includes getting their hands dirty"
- Jon Cooper - Aldermore
Aldermore’s latest survey reveals that half of all first-time buyers lived in an empty home for months as they couldn’t afford to furnish their place after their deposit and other homebuying costs wiped out budgets.
FTBs pinch pennies and ditch decorating
On average, FTBs spend £15,509 decorating and furnishing their home. However, one in five (23%) spent over £30,000 personalising their property.
With the price of doing up a property proving to be considerably costly, it took years for many buyers to furnish and decorate their homes the way they wanted (22%). Sadly, a fifth (20%) are dissatisfied with the end result as they had to decorate and furnish on a tight budget.
New buyers get handy to cut costs
Besides the house deposit, on average first-time buyers spent an additional £6,3502 on the home buying process – including broker fees, solicitor costs, estate agent fees and the cost of moving. Many buyers fail to anticipate these additional costs and as a result, decorating budgets shrink.
In a bid to save money, a third of FTBs (34%) are ditching professionals and are refurbishing and renovating their homes themselves. When it comes to furnishing their new home, over a quarter (27%) of recent buyers are jumping on the vintage trend turning to charity shops, car boot sales and second-hand seller websites such as Gumtree to kit out their property.
Aldermore’s top tips for decorating on a budget
Don’t buy everything before moving in – It’s difficult to get a proper sense of your home before you move in. While you may wish to buy some pieces of furniture for when you move in e.g. beds, don’t feel pressured to buy everything until you’ve had a chance to live in the space. This will give you a better sense of what works well and what furniture you actually need.
Ask previous owners for any furniture they’re happy to sell or gift – During initial house viewings, you may have admired some of the sellers’ furniture. It’s worth asking if there are any pieces which the seller is happy to either leave behind or sell.
Repurpose and upcycle old furniture – You don’t need to buy new for your home to look great. Breathing new life into old furniture can be a good way to kit out your home without the hefty price tag. Putting a new lick of paint on drawers and chairs can make a big difference, for instance.
Sift through friends’/family’s old possessions – We’re all guilty of holding onto items which we no longer use or need. Ask friends or family for any pieces they no longer use, which they’re happy to gift you.
Shop for furniture at charity shops and antique fairs – Furniture in particular can be a costly expense. Shopping at charity shops and antique fairs can be great places to find unique pieces at a fraction of the cost. Car boot sales and online marketplaces such as Gumtree are also good places to bag a bargain.
Jon Cooper, director of mortgages at Aldermore, said: “The homebuying process is a costly one. Not only do prospective buyers have to save for their deposit, but additional costs such as solicitor fees and moving arrangements all add up. To make the most of their new home, first-time buyers will often find themselves looking for ways to save on renovating, decorating and furnishing, and this includes getting their hands dirty.
“While it may seem overwhelming, furnishing your new home marks the last step in the homeownership journey and for many, can be a fun project. There’s no rush to decorate your place immediately. In fact, taking your time and tackling things room by room, for instance, can make things more manageable within your budget.”
