BRITISH homeowners spend more than £10,000 on average updating their property in the first five years.

Replacing floors and windows sets buyers back over £1,000 and some spend more than £2,000 on furniture, including almost £700 on sofas and a further £700 on white goods.

New owners will spend a lot on unexpected costs, according to the research from Furniture Choice.

These include issues with plumbing and electricity and general repairs with the cost of repairs and renovations coming in at up to £3,500.

“Buying a new property is stressful enough as it is, so it’s vital that potential buyers are aware that solely saving for a deposit isn’t enough anymore, especially when it comes to first time buyers,” said Tom Obbard at Furniture Choice.

“Budgeting for furniture can begin before you even look for a house; starting a Pinterest board or even a spreadsheet to get an idea of cost, as well as style, can really help to give an indication of how much you will need to save,” he said.

“Some costs, such as repairing hidden damage, can’t be foreseen, but having an emergency buffer in place will help to limit any financial strain these problems have,” he added.

The firm said that Alessandra Gritt, a first-time buyer in Leeds, spent over £700 replacing floors in her home in the first 12 months of living there.

She said: “We had to replace the carpets in three rooms, which we were unaware of before buying, as the previous owners had hidden wear and heavy staining with their furniture.”