Home Buying: The £6,500 Gap

The average first-time buyer under-budgets by £6,481 when buying a first house, according to new research from home insurer, Aviva.

Almost three quarters of the 2,000 home-owners surveyed under-estimated the costs needed to buy a first home, with most of those saying they had only planned for the deposit.

First-time buyers typically take nearly four years saving for a first home – banking an average £12,143 during that time. In reality though, the average total amount actually needed is closer to £18,624.

With three quarters admitting to not doing enough research into the total cost of buying a home, Aviva can help with its online First Home website including a step-by-step guide to buying a first home and a mortgage jargon buster.

Home buyers could avoid unforeseen expensive repairs by using Aviva’s online House viewing checklist; an interactive tool which lists potential maintenance trouble to look out for.

If you’re buying your first home you will be looking for home insurance for your buildings, contents or buildings and contents together. As well as offering home insurance from Aviva, P F Spare Insurance Brokers can explore the market for you and, if you are one of those who has under-budgeted for your first home, endeavour to save you money on your home insurance premium. Your house is likely to be the most expensive purchase you make in your lifetime. Rather than entrust its protection to the click of your mouse, why not take advantage of the work of professionals who understand the pitfalls described above and secure a bespoke home insurance policy tailored to your needs?