Home Owners Regret Property Compromises
The current property market is filled with prospective buyers that are forced to compromise on their dream home. The quarter of people that compromised on location to achieve a slightly improved property now regret their decision.
According to the Nationwide House Price Index, since 2009, when the average UK property was valued just over £150,000, today’s average of £213,000 represents a 30% hike in property. With wages climbing at a much slower annual rate, it is unsurprising that the vast majority have been forced into considerable reappraisals of what they can and should buy.
The Which? Mortgage Annual Survey found that over 20% of respondents were forced to compromise on the location of their home because their desired area was too expensive. of this cohort, a quarter consider this compromise a huge mistake.
26% of those surveyed were forced to pay more than they had planned and consequently more than they could afford. Here, 19% consider their decision to stretch their budget to be a mistake.
Additionally, 20% of those surveyed compromised on the size of the rooms in their property. Whilst this saved them money and may have enabled them to buy closer to their ideal location, 23% regret buying their home as it was unsuitable for their lifestyle.
However, the 23% of home buyers that compromised on décor remain overwhelmingly content with their decision. Buoyed by the fact that décor can be changed easily and affordably over time, 93% live without a property regret.
For the majority of those surveyed, it was the structural integrity of the property they bought that causes the main trigger of regret. Although only 13% of buyers purposely bought a restoration project, accepting the poor condition upon completion, 30% of all respondents regret their property purchase because of structural complications once they owned the property.
David Blake, principal mortgage adviser at Which? Mortgage Advisers, commented: “Buying a home is a very emotive purchase. In an ideal world, we would be able to find our dream home in a great location, ticking everything off our list but for most of us, some compromise is to be expected.
“But that doesn’t mean you have to settle for somewhere that will leave you unhappy. The first step in your house hunt should be to talk to an independent mortgage adviser, so that you have an accurate idea of your budget. From there, you can research what’s available for your money and work out what you are and aren’t prepared to compromise on.”