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FTBs ignoring potential problems when buying

FTBs ignoring potential problems when buying

Category: Mortgages

Updated: 16/03/2012
First Published: 16/03/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Many first time buyers are allowing their hearts to lead them on their new homes, meaning they could be missing a number of problems which could hit them in the pocket.

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

The research by HSBC shows that issues such as where the home is, the size of outdoor space and local amenities rank highly on the ticklist for first time buyers.

Location is the number one concern, with 35% of new buyers seeing it as the major consideration, while 27% consider the size of their garden as a deal-breaker.

But buyers are glossing over major issues which could mean having to fork out serious amounts of money in the future.

Just 16% 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.

And with just one in ten new buyers considering the condition of their boiler and a similar number taking the state of their central heating into account, many could face bills running into the thousands soon after moving into their new dream home.

" It is important that first- time buyers consider more than just their immediate desires when looking for their first home, as otherwise they could well be in for a financial headache further down the line," said Peter Dockar, head of mortgages at HSBC.

"While in the excitement of searching for their first property they may not like to think about the required maintenance or, the condition of items such as the boiler, these will be a concern if it is something that they have to pay to fix at a later date."

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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