Home movers underestimate renovation cost by £7,500
It found that almost a quarter (23%) of new property owners have faced spiralling costs in an effort to create their dream home in the past five years alone.
Households underestimate the cost of renovations and redecoration by approximately £3.4 billion each year, spending an average £7,427 more than they expected.
Young people are most likely to go over budget on renovations with nearly a third of 18-34 year-olds spending more than they intended to on their new home, compared to just 17% of those aged over 55.
The most popular room in a property to renovate within 12 months of buying a new home is the kitchen, with almost a third (32%) of buyers having put this as their top priority upon moving in. Other popular rooms for major revamps are the bathroom and living room.
When it comes to redecorating, the living room (43%) and bedrooms (42%) are the most likely to be top of the list, followed by the hallway (35%) and dining room (28%).
Dan Simson, head of home insurance at Direct Line, said: “Making your mark on a new property is all part of the exciting journey to make a house your home. Whether it is your first home, you’re upsizing to accommodate a growing family or you’re downsizing once the kids have flown the nest, there is likely to be work you want to do to make it your own.
“Many home renovation shows have given people a false impression of the real cost of remodelling a property, so before you bite off more than you can chew it’s important to research and price the work accurately, building contingency costs in to the budget, to ensure your home improvements come in on time and meet your expectations.”