If you are looking to buy a new home, then be aware that you are likely to overspend by over £16,000 if you fall in the love with the home you want to buy. Research has revealed that 34% of homeowners forked out their full budget for a home they loved, while 44% of those said they had fallen in love with the property upon their very first viewing.
The average overspend figure is identified exactly as £16,193, with one in three of the homeowners surveyed admitting that their hearts ruled their heads when it came to purchasing their home.
Most Wanted Property Features
Property features that helped sway these homeowners’ decisions most often included fireplaces and bay windows. Original floorboards and free-standing bath tubs scored high for popularity as well, with walk-in wardrobes also high on the list. Good neighbours with tasteful homes of their own also ranked high as a reason for falling in love with a particular property.
The research also revealed that 8% of partners often argued over the purchase of their property, usually because one was more convinced of its worth than the other.
Heart Strings vs Purse Strings
A spokesman for property finding website Zoopla, Lawrence Hall, understands that buying a property is a significant financial commitment and is quoted as saying, ‘All house hunters want to find a home that they love, so it’s understandably a process often fraught with emotion. In a competitive property market where stock is low, demand is high, prices are rising and interest rates are at an historical low, it’s hardly surprising to see original budget levels creeping up.’
Hall urged caution, however, for home buyers not to over pay for properties even if they fall in love with them. ‘Buyers need to be careful to not let their hearts take over completely,’ he continued. ‘The key to the process is to do as much research as possible before making an offer and striking a balance between the heart strings and the purse strings.’
Benefits of Not Busting the Budget
In a follow-up feature, Zoopla identified several ways that £16,193 could be put to better use. Among quite a few frivolous ideas, it’s noted that you could pay for a brand new kitchen with the average amount of overspend covering the cost of installation and brand new higher-end appliances. If a new kitchen doesn’t excite you (or maybe it isn’t necessary in the property you buy), then consider that the £16k could also pay your energy bills for a decade and a half.
