StressedMum
There’s a lot of value in owning a property. It’s a way to put down roots, create a home, and invest in your financial future. Of course, buying a house isn’t for everyone, but a large chunk of people who would like to own a house end up not doing so. So why is that? In this blog, we’ll run through some of the common reasons why people don’t buy a property even though they would broadly like to. We’ll also offer some solutions to these problems.
Table of Contents
ToggleThere’s no avoiding the fact that a house is a commitment. If you’re going to buy a house, then you should expect to be there for at least 5 – 10 years. And that thought alone can put people off. They might like where they live, but the idea of committing to a decade of staying in the neighbourhood can sometimes be too much to handle. However, if you’re in that position, then it’s worthwhile looking at the underlying cause. Many people are able to overcome their commitment issues with a little bit of work. Plus, while buying a house is a commitment, it’s not as big a commitment as people think. You will be able to move!
A house can be expensive. In fact, in this day and age, it feels like there’s no such thing as a cheap house. So people can be put off by the idea of how much money it will cost them, or they might think that because of their financial history, it just won’t be possible to get a mortgage. However, it’s important to remember that there’s nearly always a solution to a problem. There are bad credit mortgage lenders for people who have poor credit, for instance. For people without a deposit, you might just need to spend a little longer saving money.
People are busier than ever before, and in some cases, that makes it difficult for people to commit the time needed to find a property. If you work full time and have young children, then yes, you’ll probably find it tough to spend hours and hours looking at properties. But you can always commit an hour a couple of times a week — you might get lucky and find one that you like.
Finally, some people don’t buy a house because they haven’t found the one that’s perfect for them. The truth is that there’s no such thing as a perfect property. There will always be at least one issue with a house that you have to deal with. It’s a good idea to go into your search with relatively modest expectations. You can make a list of ‘needs’ and ‘wants’; if you find a house that has all your needsAMP and a couple of wants thrown on top, then it’s probably right for you. Plus, it’ll be easier to find the perfect house once you’re on the property ladderAMP, so don’t delay forever and ever.
This is a collaborative post
I would love to buy a property again but the deposit these days is so much more than it used to be so that makes it difficult for most people x
Deposits are stupidly expensive and no idea how we would have coped if things were like this when we started out
I would love to own so much, I just have never managed to get the deposit. I live in the South East and the house prices are mega mega high around here. We just hve no chance to owning to be honest.
We are in the South East as well, and it shocks me just how expensive house prices are
I do worry about the younger generation and how they are ever going to afford to buy a house. Prices make it far harder than when I bought my first flat
I know I feel forr my kids and the next generations prices are stupidly high in my area
Took us ages to settle down on a property. We wanted to find the perfect house in the perfect location. Finding a mortgage provider had its own difficulty too. I know a lot of people who would rent in a place before buying to get an idea what it is like to live there. The problem is when they do find out they do like it, they can’t seem to find their perfect house
Both myself and my husband got on the property ladder and when we got together had to sell where we lived and rented for a while. But with renting it is never just your property
I would love to own my own property but I simply can’t afford the deposit in the first place
We were talking about this the other day, our kids just have no chance in getting on the property ladder as the prices of houses around my way are stupidly priced
Love having our own property
Can see why some choose other options especially woth rising costs and maintenance
I have owned and rented, and now own and there are pros and cons to owning as there are other options but I am happier owning my own home