Could unexpected purchasing costs make flats to rent appealing?
flats to rent in the London borough of Broxbourne could appeal to Brits as new research shows many underestimate the cost of buying and doing up a home.
Conducted by money.co.uk, a study found one-fifth of homeowners did not allow themselves big enough budgets to purchase a property and then personalise it to their specifications.
After buying a dwelling, people spent about £8,000 on making changes to it, however, 23 per cent did not budget for this.
Similarly, 21 per cent of respondents paid more for their home than they originally planned to, the investigation found.
Managing director of money.co.uk Chris Morling said it is easy to "overlook expenses and end up in a precarious financial position".
He added: "Households with debt piled upon debt are most likely to be at risk during tough economic times."
This comes after research carried out by Saga revealed 34 per cent of Brits over the age of 50 need to make repairs to their property, but 15 per cent of these do not have enough money to do so.
Posted by Ben Carter
Published 8th September, 2010
© 2010 Estates IT Limited
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More people may want to rent a flat when they see the true cost of buying a home.