So says Lanice Steward, MD of Anne Porter Knight Frank (APKF), who adds that buyers are often reluctant to recognise that this initial expenditure will be necessary, especially as the financial benefit will not be apparent until many years later when they come to sell the home or when a new garden has matured.
“On a new home, especially one bought off-plan, items such as curtain and towel rails, bathroom cupboards and security arrangements, garden trees and lawns, swimming pool equipment, additional electrical points, new partitions or carports – and the like – can easily add 5% to the initial outlay.
“On an old home, the buyer may well be able to be able to take over an established garden, but there will be many features and fittings which are not to his liking and will need changing. New electrical conduits for TV cables and internet may also have to be installed and paintings, waterproofing, reroofing, new cupboards may often be needed.
“Some extra costs at the outset are likely to be unavoidable but are often not factored in when applying for a bond. It is essential to allow for a little ‘spare’ money to complete your home. Whatever has to be done, do it slowly and try to pay cash.”
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