Property regrets for 1 in 5 claims report

Property regrets for 1 in 5 claims report

Not saving enough, getting into debt and being unable to earn more are the biggest financial mistakes people make suggests new research. However, one in five regret choices around property.

Specialist Insurer - Partnership – asked 2,000 people what they felt their biggest financial mistakes were and while 5% said they had not made any mistakes, the vast majority of people wished they had made different choices.   Up to 23% highlighted choices around property as ones that they feel they had not made wisely.

Indeed, 9% said they regretted putting money into an investment (including property) which did not perform as they had expected and 7% said that delaying buying a house was their biggest mistake.  Others felt that purchasing a property that was not ‘good value’ (5%) and delaying remortgaging (2%) were choices they wished that they could make again.


Biggest Financial Mistakes Linked to Property

All

18 - 39

40 plus

I put money into an investment (inc. property) that did not perform

9%

5%

12%

I delayed buying a house

7%

6%

7%

I bought a property which was not 'good value'

5%

6%

4%

I did not re-mortgage when I should have

2%

2%

2%

 

In addition, one in 10 regrets getting married and subsequently divorced.  This is often a situation which means that the family home needs to be sold so the number of people who are unhappy about choices that they have made around property may well be far higher.

Mark Stopard, Head of Product Development, Partnership said “Up to one in five regret choices that they have made around property which is understandable as for most people buying a home will be the single largest purchase decision they will make in their lives.  However, when you look at what these mistakes were, some of them could have been avoided if they spoke to a mortgage broker.

A good broker would not only highlight when the best time to remortgage is but also warn people about overextending themselves and putting choices on hold – problems which could well be the root causes of some of these regrets.”

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ChristinaReedUK
ChristinaReedUK 20 Jun 2016

I don't understand why it's always a war between the two sides. Either, way the landlord is probably keeping a detailed inventory and will see the changes you've made. I just don't understand why there...

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NathanGreen
NathanGreen 16 Jun 2016

Seeing that the tenants are quite satisfied with their landlords and the properties is indeed great. I wonder, though, what is the situation in London alone? The tenants face sky-high rent levels in the...

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AndiMur
AndiMur 15 Jun 2016

TheGuardian published the same forecast. But on the other hand, professional brokers express different opinions. According totranio.com, an exit from the EU would not affect the demand/supply imbalance...

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Gary Holmes
Gary Holmes 14 Jun 2016

Having a professionally completed inventory at check-in and check-out is clearly (to me at least) of minor value. Tenants make un-authorised modifications and/or walk off with items that belong to the

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Violet Gibson
Violet Gibson 14 Jun 2016

Cautious people think buying off-plan is reckless, but over the past few years investors have literally made fortunes.Pre-release prices have obvious benefits for the developer, who gets instant finance...

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Kate Windleton
Kate Windleton 14 Jun 2016

An interesting research indeed. I guess that is in complete contrast with the United States where people often move from one coast to another. It will be interesting to hear the trends for people moving...

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NathanGreen
NathanGreen 14 Jun 2016

I think it all depends on the market conditions and how well your company is doing. You will agree that you can't demand more when you're killing yourself just to hang in there. Sometimes you need all

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ChristinaReedUK
ChristinaReedUK 13 Jun 2016

What does "detecting a bad vibe" mean actually. I've had certain vibes like these and yet have always found a reason , if there's any, why I don't like a certain property. The property maintenance might...

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keybanks estates
keybanks estates 08 Jun 2016

Great News for first time buyers, about time two!

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NathanGreen
NathanGreen 07 Jun 2016

I agree with #6 - you should maintain your garden according to the target buyer. One thing is universal, though - cleanliness and order. Having the yard clutter-free and clean will help people who do enjoy...

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NathanGreen
NathanGreen 06 Jun 2016

I will always say that London is overrated. Sure it is the capital, but it's too stuffed in there. It's more of a business city to me.

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Paul
Paul 25 May 2016

Estate agents are pathetic when it comes to fees. They have this 'I had to do it at 1% because that's what the others were quoting' mentality. We are the most expensive agents in our area, charging double...

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