Buying a property is probably the biggest decision and investment you’ll make so it’s important to get it right – or at least as right as possible. Sadly, though, as many as one in ten first-time buyers comes to regret their decision, according done by comparison portal Money.co.uk.
Primarily, these regrets stem from making sacrifices in order to get on the property ladder that turn out to be too great.
Affordability isn’t the be-all and end-all
With high prices being a huge barrier to many, people tend to move longer distances to bag that crucial first home. First-timers tend to look at the cost rather than schools, amenities and transport links.
This means that lots of people end up far away from family, friends and work. On average buyers move 37 miles away from their families and this can cause a lot of stress, with a quarter of first-timers regretting their move and naming the distance as their biggest regret.
As well as the distance from friends and family, some people are forced into longer commutes, with an average of six extra hours tacked onto their daily journeys. Some (13%) have even had to reduce or compress hours to deal with the added travel, while around 20% lose out on their home lives instead.
Unnecessary risks
Some people take a chance on a property that’s cheaper because it’s in a high-risk area for flooding. The initial savings on the asking price can sometimes be outweighed by the expensive insurance – up to 75% more than low-risk areas – and certainly by actual flooding.
Make the right sacrifices
Don’t jump at the first affordable place you come across. Think about what could happen down the line. Will you be a long way away from family? Can you really handle six extra hours on your commute? The joy you experience at picking up your first set of housekeys doesn’t make up for the dread you feel every time you pick up your car keys…
Shop around
Not just for properties, but for good mortgage deals. The mortgage market can seem complicated, but a good broker or adviser – as well as a sympathetic estate agent – can make things simpler and narrow down the best deals for first-timers.
Wait a while
If you wait just a couple of years for a promotion or two, and for your savings to grow, then your deposit and salary (or salaries) will be bigger and you’ll have more properties to choose from.
