Nearly a fifth of home owners in the UK have admitted that the top thing they wish they had known before buying their first home is how much work would need done.
Some 16% would have liked to have known how much needed done while 15% would have liked to have known how much the work would cost, according to a survey by My Home Move.
Some 13% wished they had known more about the legal process involved in buying a property, 11% would have opted for a bigger home that they could grow into and 11% would have shopped around for a mortgage deal.
Other advice that emerged from the research was not to assume that the property would be properly cleaned by the previous owners, finding out how old the boiler really is and checking out the neighbours and street at different times of the day.
‘When it comes to property it seems that some of the biggest questions, and sometimes the ones that can add the most stress, there is clearly advice these home buyers wish they had known,’ said Doug Crawford, chief executive officer of My Home Move.
‘Aside from the cost of moving, making first time buyers aware of the practical decisions they need to make when buying their first home will give them a better chance. Our advice, and the advice of people that have already learnt these lessons, is to consider questions such as whether the property will increase in value, whether expensive DIY work is needed or whether your mortgage arrangement is going to work long term,’ he added.
The research also found that the advice varied on a regional basis. For buyers in London, for example, finding a property that you can grow into or add value to was a higher priority than other regions whereas for buyers in the North West and West Midlands, being aware of how much work needs doing to the property is a priority.
For home owners in East Anglia, the East Midlands and Wales, more advice on the legal process would have been valued when buying their first home.
‘Having a better understanding of the legal process of buying a home ranks highly amongst the homeowners’ wish-lists across all regions, so it is clear that overall there is a lack of understanding amongst buyers as to what this entails,’ said Crawford.
‘Although there is a lot of information to take in when going through the process, taking time to research what happens during the conveyancing process and the timeframe this takes will help first time buyers feel more prepared and in control of their experience,’ he pointed out.
