What main regret did homebuyers have?
Although
the percentage of first homebuyers* who had regrets about their property
purchase is fairly low, at 17.7% nationally (but up to 20.1% in Queensland ), the main
regret (with over 27% nationally) was that they wished they'd bought in a different area. This was followed
by: they wish they'd shopped around more for a property; and, they wished
they'd waited until they could afford a property that was closer to their
ideal property.
Three 'traps' for first homebuyers
Paul
Osborne highlights three other 'traps' that, in his experience, first
homebuyers may fall into:
·
Buying a property
that is too common and has limited scarcity.
“These include new construction apartments and generic housing estates".
“These include new construction apartments and generic housing estates".
·
Buying too far
away from the CBD.
“Buyers often have remorse about getting something bigger – but located further out. They find they don't really need the extra space but truly value the convenience of being close to the city."
“Buyers often have remorse about getting something bigger – but located further out. They find they don't really need the extra space but truly value the convenience of being close to the city."
·
Emotional buying.
“Many purchasers who engaged in emotion-filled auctions in 2009 and
2010 find themselves sitting in negative equity. Some buyers regret how
they bid at auction for their property."
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