Unforeseen costs 'could put prices up' when buying a house

Posted: 09 Sep 2010 08:06:23 GMT

Brits are being warned the cost of purchasing a home may be a lot more than they anticipated following the results of a new survey.

According to money.co.uk, buyers may have to fork out an extra £23,000 as many go over their intended budget when they obtain a house.

The research also revealed many individuals spend approximately £8,000 doing up their dwellings during the first year after the purchase.

Managing director of the organisation Chris Morling said the results demonstrate the importance of planning and budgeting when buying an abode.

"It is all too easy to overlook expenses and end up in a precarious financial position. Households with debt piled upon debt are most likely to be at risk during tough economic times," he added.

Nick Marr, Director of the Little House Company, recently advised those looking to buy property to consider the location, as it is a key aspect that can override many negative features of a domicile.
 

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