Ten per cent of UK home owners regret buying their home, according to a survey carried out for mortgage and loans provider Ocean Finance.
The main reason for regret was that they rushed into it, cited by 28% of remorseful homeowners. 20% don't like their neighbours and 16% don't think their home is big enough.
Other reasons include the property needing more work than the buyer realised, unaffordable mortgage costs and the responsibility of home ownership.
The older you are, the more likely you are to make a considered buying decision it seems. Just 5% of people over 55 regret purchasing their home, compared with 23% of people aged between 25 and 34.
Even people who don't regret buying their home may not actually like it. 43% of homeowners questioned for Ocean Finance said that they liked everything about their houses. However over half (57%) disliked one or more aspect of where they live. Of those who dislike their houses the main gripes were it being too small, too much work needing doing and not liking the area.
Commenting on the results, 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.
Comments
This is a bit silly really. Who is completely 100% happy with every aspect of a house they purchase There will always be aspects that are less than perfect it's just life.
Yep, doesn't sound too bad really. I don't really see the point of this survey - it's unnecessarily negative and vague. Quite a few people dislike one or more aspect of where they live. Well, yeah, nothing's ever perfect, is it It's human nature, to want to improve and enhance things.
For people who said their main gripe was too much work needing doing and not liking the area, I can't say I have a great deal of sympathy. Did they not view the house beforehand Did they not visit and research the local area These are just basic things any house-hunter should do.
Not rushing into things and spending time choosing the right house is just common sense, surely. We don't need Ocean Finance to tell us what we already know.
I would say that 1 in 10 is quite a small percentage. But come on - an eighth of them think the home they bought is too small - 'a fool and his money is easily parted' springs to mind...
1 in 10 OCEAN customers Really Why ask a sub prime/niche lender. Their customers are hardly typical of the UK. There is a reason why they are with Ocean, that's probably why they are regretting things!