First Time Buyers Missing Potential Problems

by Mark Johnston

Buying a home is a serious financial commitment, so it is therefore extremely important that first time buyers do all their homework and are aware of all the potential costs involved to ensure they can maintain the value of what is after all likely to be their biggest asset.

Peter Dockar, head of mortgages at the HSBC, says “it is important that first time buyers consider more than just their immediate desires when looking for their first home, as otherwise they could be in for a financial headache further down the line”,

In a recent survey just 16% of first time buyers said they considered how well maintained a property is, by contrast half (49%) of estate agents consider this to be a major issue.

Similarly, just 6%of first time buyers consider how much it will cost to update a property in the future, while only 8% explore the possibility of their new home being susceptible to damp.

With just 1 in 10 new buyers considering the condition of their boiler and a similar number taking the state of their central heating in to account, many could face bills running in to the thousands soon after moving in to their new dream home.

The survey also showed that 35% of first time buyers believe location is the most important factor, 27% the size of the outside space and 21% local amenities.

At the very bottom of the list was looking for signs of subsidence or whether there were plans for development in the local area.

With this particular survey in mind many experts believe that it is important that potential first time buyers consider more than just their immediate desires.

Other experts reckon that many new buyers are ‘naïve’ and much keener to buy in trendy areas than to ensure their investment is structurally sound.

Therefore analysts now believe that first time buyers are potentially ‘sleepwalking in to property problems’.

It seems that a combination of inexperience and enthusiasm means that new buyers are ignoring the practicalities of owning and running a home of their own.

Many first time buyers are currently allowing their hearts to lead them when purchasing a new home, which in turn could mean that they could be missing a number of problems which will eventually hit them in the pocket.

By glossing over major issues it could mean that they have to fork out serious amounts of money in the near future.

Data has shown that first time buyers are more interested in local shops than the friendliness of the community.

Most ‘normal’ people, first time buyers as much as anyone else, buy a property they like and feel they want to live in. in reality how many people would prefer to live in a perfectly maintained property in a grotty area with rubbish schools and overlooking the local waste tip!

In conclusion, property is always a minefield and no where is perfect, there is always something wrong, traffic, lousy neighbours, barking dogs etc., but at the end of the day you have to have somewhere to live.

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