A new survey reveals that 20% of homeowners admit to making mistakes when buying their not-so-dream property
When you found your dream house, did you run off to the estate agents, gleeful, ready to put in an offer – only to end up paying more as a result? Or perhaps that interior was just so beautiful you overlooked the AIRFIELD next door…
It turns out that, after the rush of buying a property, many homeowners are left kicking themselves. This might be due to issues with the house itself, choosing the wrong mortgage, paying too much money or settling in a less-than-ideal location.
Consumer watchdog Which? Money asked more than 1,000 of its members about their experiences of buying a house.
Buyers swept up in the house-hunting process can find themselves paying over the odds for a property, with one member commenting: ‘I let myself be pressured into paying £5,000 more than I was happy to.’
Another buyer didn’t think that living next-door to a supposedly non-operational airfield would be an issue – until after moving in. The homeowner discovered that the airfield is used by gliders, which are towed by noisy tug-planes, spoiling those quiet summer afternoons in the garden.
Financial decisions, such as taking out the wrong mortgage, were another cause for concern.
Many buyers were missold endowment mortgages (a monthly savings plan, designed to pay off the home loan at the end of the term), which did not perform as well as expected, leaving homeowners with a shortfall.
And, according to Which, buying a house can even age you by up to two years. ‘Buying a house is constantly topping the list of the most stressful life events and it’s likely to be the biggest purchase you’ll ever make,’ says James Daley of Which? Money. ‘It’s important to get it right and not live to regret your choice.’
So to avoid those frown lines, it might be wise to do your homework on that dream property – before you sign on the dotted line…