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One in 10 home owners in the UK regret buying their home with the biggest reason being that they think they rushed into it and 57% actually dislike their homes, new research has found. Buying a house is the biggest purchase most people will ever make, and 90% of people don’t regret their purchase. However, that leaves 10% who do, the survey carried out for mortgage and loans provider Ocean Finance has found. Some 28% said they had rushed into buying, 20% said they don’t like their neighbours, 16% said it is not big enough,12% said it needed more work done than they thought and 6% said they can’t really afford their mortgage. Also 6% said they would make a loss if they sold. 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. While 43% of homeowners questioned for Ocean said that they liked everything about their houses. However 57% disliked one or more aspect of where they live. Some 28% said their home is too small, 21% said it needs too much work done on it, 17% said it is too cold, 15% don’t like the area where they live and 12% said there is not enough space outside. ‘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,’ said Ocean spokesman Ian Williams. Continue reading →

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