Last year 871,795 homes were bought and sold across the UK. With certain age groups struggling to get on the house marketing a need was identified to help potential first time buyers, moves and renovators plan their finance in a easy way. When adaptable surveyed a group of recent home buyers, the stand out concern when going through the planning/buying processes was staying on top of what can often be a tight budget. This frustration gave birth to the idea of HomeSpend.
The HomeSpend platform has a variety of financial planning features that allows users track everything from legal costs, buying furniture and planning monthly utility bills. Users can plan their budgets by room so they know exactly what they are budgeting for and when they have purchased the item, in order to reconcile it against their master budget. This detail but easy to curate approach gives an accurate state of individual finances.
Users who were interviewed about the HomeSpend product all feedback similar problems around their financial record keeping when planning their home budgets. They were done in paper notebooks or through spreadsheets. Both approaches were flawed. The notebook did not give a true picture of total cost and unless you have your own spreadsheet wizard, formulas can easily we set up wrong meaning budgets are thrown out the window.
Currently the platform has launched with a small cohort of users to test out the budget planning features. Initial feedback has been positive and adaptable are now in the stages of implementing the final features before the platform is launched for full public sign up.
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