Buyers’ regret: Half of us live in homes we don’t like
The first few weeks after buying a new home should be filled with excited unpacking, musing over paint colours and working out what on earth that switch does.
But a recent article in The Independent has revealed that almost one in 10 of us are so disappointed with our purchase that we spend the first month after getting the keys searching for something better.
New research has revealed that up to 34 per cent of Britons have searched for another home within a year of buying property, including 7 per cent within the first month.
Most either regret their purchase, want to change location or wonder if they could have bought something more suitable for the same price.
And that’s just the people who have completed their purchase recently – those who haven’t had time to outgrow it, experience a change in circumstances or simply had the chance to work out the niggling details that don’t suit them.
The study, by glazing manufacturer Thomas Sanderson, found only one in six homeowners who bought within the last five years are content with their current living situation. More than half of homeowners are either unhappy or ambivalent at best – mostly because of their property’s location, neighbourhood and/or cost.
Worryingly, at a time of historically low rates of interest, almost a quarter of those who are unhappy say it’s because they are struggling with mortgage payments.
Despite recent changes to the way mortgage applicants are assessed for affordability, 14 per cent of those who have bought in the last year say they don’t think they can afford it.
In fact, fewer than half of all those who have bought property in the last five years got the home they actually wanted, the research suggests.
And while most of the remaining buyers have the age-old problem of not being able to afford the home they had their eye on, almost a fifth settled for less than perfect because they were outbid on the property they were really after.
“The housing market is a volatile beast, and the fear of missing out on a good house or deal can cause people to rush into buying a property,” says Richard Petrie, marketing director for Thomas Sanderson.
“It’s understandable to be nosy about what else you could have afforded for the same price that you paid for your property, but interesting that Britons are looking to move house so quickly after buying.
“Take your time when looking for a house and ensure that is 100 per cent right for you before you put down a deposit and go through the process of buying – it’s an expensive process to find out you don’t like the home you’ve purchased, and one that’s not easy or cheap to rectify.”