25th September 2015
Despite budget constraints, homebuyers won’t compromise when it comes to the number of bedrooms they want or the catchment areas of good schools.
A survey by consumer group Which? found nine in 10 homebuyers would not buy a property they could afford if it had fewer bedrooms than they want. The same number refused to compromise on the location of the property to good schools.
However, a quarter said they would change the location entirely and compromise on outside space.
Three in 10 said they would choose property in poor condition to get a property they want at a price they could afford.
A quarter would compromise on the layout of the property in order to buy an affordable property but just one in 10 said they would move to an area that had worse levels of crime.
With rising house prices, it isn’t surprising that two-thirds of homebuyers have had to make compromises on the property they bought but nine in 10 were happy they made the right decision. Just 3% of those were dissatisfied with the sacrifices they made to purchase their home.
Women were more likely than men to compromise but were more likely to be dissatisfied after.
David Blake, from Which? Mortgage Advisers, said: ‘Buyers often start property searches by imagining their dream home, but our research shows that some form of compromise is almost inevitable.
‘To be happing with the concessions you make it is vital to know where you’d scale back in order to remain within budget. By speaking with an independent mortgage adviser early on, you can help ensure your expectations are realistic from the outset.’