10% of home owners in the UK regret buying their home, according to a survey carried out for Ocean Finance.
The main reasons people regret buying as are follows:
- I rushed into it – 28%
- I don’t like my neighbours – 20%
- It’s not big enough – 16%
- It needs more working doing to it than I realised – 12%
- I can’t really afford my mortgage – 6%
- I’d make a loss if I sold it – 6%
- I wasn’t ready for the responsibility of buying – 2%
It appears that the older you are, the more likely you are to make a considered buying decision. Just 5% of people over 55 regret purchasing their home, compared with 23% of people aged between 25 and 34.
Meanwhile, some people who don’t regret buying their home don’t actually like it. 43% of homeowners questioned for the mortgage and loan provider said that they liked everything about their houses. However, 57% disliked one or more aspect of where they live. Of those who dislike their houses the main gripes are:
- It’s too small – 28%
- It needs too much work doing – 21%
- It’s too cold – 17%
- I don’t like the area – 14%
- There’s not enough outside space – 12%
Ocean’s Ian Williams, said: “The key lesson from our survey is to spend more time choosing a house before you buy. Getting to know the area and the neighbours before committing is really important, as is making an honest assessment about the amount of work that the property needs, how big it is and whether it will suit you not just now, but as your family grows.”