Does the perfect home exist as one in 10 people say they
regret buying their home?
It is probably the largest financial commitment you will
ever make and should be carefully considered; yet one in 10 people regret
buying their home, a new study claims.
One in three of these unlucky owners say that in hindsight
they rushed into their purchase, one in five do not like their new neighbours,
and 16 per cent have realised that their new home is not actually big
enough.
Others realised – once it was too late – that the property
required more work than they had originally thought, while others found their
mortgage payments too much of a financial strain.
To avoid this kind of regret, we advise think carefully
about what you need from a property – now and in the future. For example a
large garden might be lovely now, but will you want to deal with all the work
and expense in five years’ time?
Check your finances and write up your spreadsheet so that
you know exactly what costs and expenses you may encounter. Allow for a contingency fund so that in the
event of unexpected costs you have them covered.
Another tip is to go and see the property at different times
of day and night. Not only will you get a different feel but you might be able
to discover noisy neighbours before you move in next door to them.
The study found that some of those buyers discontented with
their new homes were mainly concerned that it had not increased in value as
much as they had hoped, and some feared they would make a loss if they moved
on.
Buyers need to accept that the property market is
cyclical. The market has been a volatile place over the last couple of years, in
the short term buyers can be left disappointed but you have got to be prepared to
look at it in the long term.
The other thing to bear in mind is that even if you find
your dream home, you will inevitably start to pick fault over time.
I once heard the architect say: 'You build the perfect house
yet six months you’re bound to want to change something. I think it is very true that there is no such
thing as the perfect house; you will always have to compromise on something.
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