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The latest research by leading online estate agent eMoov.co.uk highlights the sizable bill that could amount to a minimum of £1,062 on top of your pre-planned party budget of £480, if things do not go as planned when hosting a New Year’s Eve gathering.

Before the champagne pops, there is a certain amount of planning involved for hosting the celebration of the year; most importantly, a budget. The obvious costs associated with a party of such grandeur include: an outfit (£100), drinks (£100), snacks (£50), decorations (£30) and a DJ to keep the mood going (£200). But what hosts do not realise when they invite people into their home are the additional expenses that can be incurred on top of this already hefty party cost.

On the flip side, below are the number of unwanted and unforeseen costs accumulated from a party can more than triple the initial budget. The simplest cost: breakage. This can range in price depending on the damage, but can build up an extensive bill and this is only the beginning. It is £175 to fix a broken lock, £175 to fix a broken banister and £114 to fix a single broken window. Any broken furniture or ornaments can increase the price drastically, subject to what is broken and if it needs to be replaced. Electronics will hike that bill up.

In the unfortunate situation that a new set of bedding is required, a basic replacement will cost £158. Hiring a plumber to unblock a toilet has a price tag of £80 and carpet cleaners start at £55. There is also a range when it comes to hiring landscaping professionals to fix damaged gardens, the bill will come to £105 for three hours.

A noise complaint from neighbours can lead to a ticket, which if it goes unanswered, could have a fine costing between £50-£5,000. The legal implications from there can spiral out of control. Finally, stolen goods are priceless. This cost can be both financial and emotional, and puts a damper on the whole evening and the new year.

The majority of these costs are paying for the tradesman’s time. The materials are inexpensive, but most of these jobs required a skilled worker and that costs money. In addition, a fine for noise, which starts at £50, could jump to a £5,000 fine or an Anti-Social Behaviour charge, if the noise persists after a warning. Although such extreme measures are only used in severe cases, it must be noted that both the fines and the charges are left to the discretion of the police.

When the clock strikes midnight and a fresh year begins, you do not want to be worrying about the extortionate cost that you could be paying off the entire year because of things going sour at your house party.

Parties are great fun, and it is amazing to ring in the new year with a bunch of friends in one room. But when it comes to all the things that could go wrong, a party seems less appealing when there are plenty of venues to host such an event.

I hope that both hosts and partygoers are mindful when they go out this New Year’s Eve, and that damage costs are minimal.

Russell Quirk

Founder & CEO, eMoov.co.uk