New homeowners are spending thousands of pounds in their first year of homeownership to make their house a home, Sainsbury’s Bank Home Insurance has found.
Nearly a third of Sainsbury’s shoppers (29%) spend £5,000 or more on their properties in their first year of owning a new home.
Homebuyers are being urged to consider these extra costs when purchasing home insurance for their new abode.
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 (94%) of homeowners have both building and contents insurance but around half of them are not re-visiting their cover if they add items and improvements.”
Just 8% of new homeowners spend less than £500 doing up their property in their first year of living at the new address.
Nearly a quarter (24%) spend between £1,000 and £2,999.
Almost half (47%) of new homeowners update their home insurance policy if they purchase a big-ticket item for their new home.
More than a quarter (26%) of new homeowners said it took between six months and two years to make their new property feel like home.