Majority of Homeowners Dislike Their Property

Majority of Homeowners Dislike Their Property

A new survey has found that more than half of those who own their home dislike the property they ended up with. There are even some who regret buying the property, which emphasises how important it is to consider property purchases carefully before committing to anything.

The research, which was carried out on behalf of Ocean Finance, highlighted that 10% of property owners have regretted buying the particular home they are living in. The majority (28%) put this down to rushing the decision.

Problem Homes

However, there were a number of reasons that homeowners cited for feeling this way. One in five of them don’t get along with their neighbours, which can make life particularly stressful. 16% of those who took part thought that their home was too small, and 12% had been left with a property that required more work than they initially expected.

Financial issues can have a major influence on someone’s feelings towards their property. 6% of participants had taken on too large a mortgage, and another 6% believed they would lose money if they had to sell now.

The research found that older buyers were more likely to make the right decision about their property. There were only 5% of those aged 55 or over who regretted their purchase. However, 23% of those between the ages of 25 and 34 felt the same way.

Disliking a Property

Amongst the 57% of homeowners who disliked some aspect of their property, the most common reason was lack of space (28%). This was followed by 21% who believed that there was too much that needed doing to the property in order to make it just how they want it. With rising energy prices, keeping a home warm can be a constant issue. Having a home that isn’t warm enough was the reason 17% of people disliked their property. Living in the wrong area can also have an impact on people’s lives, and 15% of those homeowners surveyed wanted to live in a different area.

When buying a property it’s important to find somewhere that has the right amount of indoor and outdoor space. This research found that 12% wanted to have more outside space. If possible, this could be rectified by having a steel custom built balcony installed.

This research highlights that you need to choose wisely and investigate every aspect thoroughly. You should know exactly what you’re buying into before making a big commitment.