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Property News > Host of first time buyers admit to regretting compromises made to step onto property ladder
Host of first time buyers admit to regretting compromises made to step onto property ladder
Often, when it comes to buying something you desperately want, you have to make compromises. However, when that something is an investment as expensive as a house, some compromises are just too much and that is something first time buyers know all too well.A total of one in ten first time buyers in the UK have admitted that they regret purchasing their first home as, afterwards, they feel the sacrifices far outweighed the benefits. Now, stepping onto the property ladder leaves new home owners with the sense that they have been forced to move away from family and the best schools, as well as having to negotiate their quality of life.At 40%, just under half of first time buyers claimed they had to move away from family to be able to afford a home whilst 31% had to move away from friends. Some 28% were forced to move further away from work and 25% said they had to settle for fewer bedrooms. 15% sacrificed a garden. And further research suggests that many first buyers not only compromised the quality and convenience of the property but also their personal wellbeing and mental health, just to own their so-called dream home.The biggest regret for first time buyers was not compromising on the property itself but moving away from friends with 25% admitting to increased levels of stress, 19% more anxiety and 8% even said they suffered from depression. Respondents to the survey by money.co.uk moved an average of 37 miles away from their family, and 26% of those who did move away from family and friends admitted to feelings of loneliness and isolation, with 28% struggling to make new friends in the area.And leaving family and friends behind is the not the only reason for feelings of regret. Several other issues came to light, including moving to an area with a high crime rate, 14% had done this with 18% experiencing a burglary since moving and a further 19% personally being a victim of crime. New home owners also noticed that their insurance premiums had been affected due to the move with 30% claiming their home insurance had spiked and a further 28% claiming their car insurance had also taken a hit. Up to 29% had to increase their commute to work just to buy a home, adding some six hours a week onto their journey, amounting to a staggering extra 35 working days in a year. Due to a longer commute, 26% of new home owners felt they experienced increased levels of stress and 13% even had to cut the length of their working day to cope with the increased travel. Furthermore, a fifth felt that spending longer travelling had affected their quality of life.34% of new home owners fear they may have to return home again when they start applying for schools with four out of ten moving to areas with fewer reputable schools. And half of those who did so, admit to falsifying their address just to get their children into a good school.