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One in four homebuyers regret compromising on location

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Written by:
09/04/2019
One in four people who compromised on location when buying their home say they regret doing so, according to a new study.

Which? Mortgage Advisers surveyed more than 1,200 homebuyers and found one in five had compromised on location.

Of those, 25% said they later regretted the decision.

People living in London were most likely to have sacrificed the ideal location.

Families with children were also more likely to regret choosing a different location for their home than they had originally planned.

The survey found people also made concessions on price (26%), decor (23%), and the size of the rooms (20%).

The most common regret among homeowners in the survey was compromising on the structural condition of the property, with three in 10 of those doing so later coming to regret it.

David Blake, principal mortgage adviser at Which? Mortgage Advisers, said: “Buying a home is a very emotive purchase. In an ideal world, we would be able to find our dream home in a great location, ticking everything off our list – but for most of us, some compromise is to be expected. But that doesn’t mean you have to settle for somewhere that will leave you unhappy.”

Which’s top house hunting tips

  • Use a house viewing checklist as a reminder of the issues that matter the most to you to help keep you on track.
  • Try to keep your emotions at bay and approach any viewings with a level head. Don’t get too attached early on or your heart might rule your head and cause you to overlook any problems or make allowances over matters that are important to you.
  • Think ahead to the future, for example, changing jobs or starting a family – and how your new home will support these.
  • Consider how the location might develop. Regeneration projects could transform an area in a few years, meaning an initial compromise may pay off in the long run.
  • Always consider all your options together, creating a list of pros and cons to help assess what the best decision is for you.

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