New research reveals the biggest hurdles faced by first-time buyers and the advice they’d give to others taking the plunge.

Buying your first home is a huge milestone, but new research reveals that many first-time buyers are left with regrets. A poll of 500 recent first-time buyers found that 82% wished they had done things differently. So, what are these common regrets, and how can you avoid making the same mistakes?

Top of the list? Location, Location, Location! Many buyers admitted that they settled for an area they didn’t absolutely love, perhaps swayed by price or availability. This highlights how important it is to thoroughly research different areas and consider your long-term needs before committing to a location.

Mortgage Mishaps: The second biggest regret? Not using a mortgage broker. A staggering 41% of respondents found it difficult to understand the different mortgage options available, leading to worries that they might not have secured the best deal. Expert advice from a mortgage broker can be invaluable in navigating the complex world of mortgages and finding a product that suits your circumstances.

Saving Struggles and Unexpected Costs: It’s no surprise that saving for a deposit was a challenge, with a third of those surveyed wishing they had started saving sooner. Additionally, 31% underestimated the hidden costs of buying a home, such as legal fees and stamp duty. The advice from seasoned first-time buyers? Start saving early and budget for more than just the deposit.

Other Regrets and Advice for Budding Homeowners:

• Do your mortgage research: 18% wished they had explored mortgage options more thoroughly, while 9% regretted buying a leasehold property. Take your time to understand the different types of mortgages and property ownership before making a decision.
• Seek expert guidance: Don’t be afraid to ask for help! The research found that many first-time buyers believe aspiring homeowners would benefit from more guidance on mortgages, brokers, and lenders.
• Government support: When asked what the government could do to help first-time buyers, 25% called for financial incentives for sellers who choose first-time buyers, while 22% suggested relaxing mortgage affordability assessments or introducing no-deposit mortgages.

Expert Advice:

Felicity Holloway, head of mortgages at Moneybox, who commissioned the research, stresses the importance of expert guidance in the home-buying process: “First-time buyers often find themselves navigating a maze of tasks … But by tapping into the right resources, buyers can avoid making common mistakes and make more informed decisions throughout their homebuying journey – setting them up for long-term success.”

Key takeaways for first-time buyers:

• Don’t rush into buying: Take your time to research different areas and mortgage options thoroughly.
• Consider using a mortgage broker: Expert advice can save you time, money, and stress.
• Start saving early and budget for extra costs: Factor in all the hidden costs of buying a home.
• Don’t be afraid to ask for help: There are resources available to guide you through the process.