How to Avoid First-time Buyer Regrets

A staggering 10% of first-time buyers regret buying their first home, but you don’t have to make sacrifices that you will regret or exhaust your savings just to get your foot on the property ladder.

First-time regrets

We have discovered that first-time buyers are experiencing anxiety, stress, and depression because of the sacrifices that they are making in order to buy their first home.

Of the 750 new homeowners that have been surveyed:

· Over 25% moved far away from work

· 40% had to separate from their family

· 10% had to transfer to an area with greater flood risk

· 1 in 7 transferred to a higher crime area

Our home buying tips

Here are some fast and simple ways to save money buying your first house:

· Check how much you could be able to borrow before you start scouting properties. This way you will be able to know how much you can afford and what you need to save as a deposit.

· Look for government schemes which are designed to assist you so you can afford your first home. The Help to Buy scheme grants an interest-free loan for five years for new build properties.

· The higher your deposit, the better the deal you will receive and the more you will be able to afford. It might be worth it to hold on for as long as you can and save up before buying in an area that is not suitable for you.

· Look at obtaining a Help to Buy ISA since free cash from the government is too good to refuse.

· Do not just take a mortgage with your existing banks since you might not get the best deal. Shop around for your mortgage instead.