Home News Buying too soon tops first homebuyers' remorse list

Buying too soon tops first homebuyers' remorse list

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Nila Sweeney

While a large majority of first homebuyers don't regret buying their homes, many have remorse about the way they have purchased, according to a new survey.

One in three (33%) first homebuyers surveyed by Mortgage Choice said they wished they had looked around more for a property before buying. More than a quarter (28%) of the respondents said they regretted not buying in a different area, while one in five (21%) said they wished they had waited until they had a more comfortable situation before buying.

Eighteen per cent of those surveyed said they wished they had waited until they could afford a property closer to their 'ideal', while 17% regretted being so influenced by the government grant boost.

On the plus side, only 4% of survey respondents regretted taking on extra debt after committing to their new home loan.

The largest concern among first homebuyers was affordability, with almost half (47%) worried about not being able to afford repayments. Forty-three per cent were concerned about being committed to such a large financial obligation for so long and 26% said they worried about having bought the wrong home.

"The property hunt and purchase process is an intense period and even the most experienced investors end up with disappointments from time to time, so we were happy to see only one in seven recent first homeowners we surveyed had regrets," said Kristy Sheppard, spokesperson for Mortgage Choice.

"Post-purchase regrets and concerns can be easily limited by enlisting the help of experts such as an accountant, a mortgage broker, a financial planner and a buyer's agent. Using specialists for different aspects of the transaction not only saves buyers regrets, but also time, money, effort and confusion."

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Tuesday, Aug 22, 2017
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