A quarter of people regret compromising when buying a home
A quarter of people who compromised on location when buying their current home later regretted the decision, according to a new survey.
Overall one in five buyers revealed that they compromised on the location of their current home and of those, some 25% said they later regretted the decision, the Which? Mortgage Advisers annual survey found.
The most common aspects of a home that those surveyed made concessions on were price which was the case for 26%, while 23% compromised on décor, 20% on location and 20% on the size of the rooms.
Compromising on location was more common among people living in London, with 26% of those surveyed in London saying they had to compromise on where they bought their home. Families with children were also more likely to regret choosing a different location for their home than they had originally planned at 38%.
While compromising on decor was not an issue for the majority of those who chose to do so, with 93% saying they did not regret the decision, some 23% of those who made concessions on the size of the rooms in their house said they came to regret it, as did 19% of those who paid more than they had planned.
The most common regret among homeowners in the survey was compromising on the structural condition of the property, with 30% of those doing so later coming to regret it. Making concessions on the structural condition of a property in the first place was less common though, with only 13% saying they accepted a poorer structural condition than they had intended to.
While some compromise should be anticipated when buying a home, Which? Mortgage Advisers is urging those looking to buy a new home to takes steps to reduce the risk of making concessions on their location that they might later regret.
These could include making a viewing checklist, keeping emotions at bay, thinking ahead to the future and what they want from a home years down the line and consider how the location might change, as well as considering more than one option.
‘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,’ said David Blake, principal mortgage adviser at Which? Mortgage Advisers.
‘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,’ he added.