When Will You Buy Your ‘Forever Home’?
New research conducted by estate agent Tepilo, founded by TV property expert Sarah Beeny, has painted a picture of what they believe to be the “average British home buyer”. According to the results, the average person looking to purchase a home in the UK this year will have a budget of £205,221 and will have owned two properties in their lives so far. Their property of choice? A three-bedroom, semi-detached property situated in the quieter suburbs and shared with their spouse or partner.
But will their home purchase in 2015 be the property of their dreams? The research by Tepilo, which surveyed 2,000 adults who are currently in the process of, or have bought, a property in the last 12 months, also discovered that 44 is the typical age that most people believe they will purchase a home that is perfect enough to spend the rest of their lives in. However, not everyone has bought into the idea of finding their ‘Forever Home’, as the survey showed that 20% of people don’t believe that such a home exists in today’s property market. Older prospective buyers were also found to be less optimistic regarding their ‘Forever Home’, with 33% believing it didn’t exist.
Location, location, location
The location of a home was discovered to be one of the biggest deciding factors when it came to completing a purchase, with proximity to supermarkets and shops, good transport links and low crime rates found to be the three most important factors. 56% of people wanted an easy commute from their home and 44% valued their proximity to shops.
The Tepilo survey also uncovered what people look for in the home itself, second to features such as number of bedrooms and whether the property is terraced, semi or detached. It appears that the size of the garden is something that nearly half (41%) of buyers take into account. The overall layout of the home was also important, with 34% considering it and 19% specifically looked for a property with a downstairs toilet.
Owner of Tepilo, Sarah Beeny, commented on the results of the survey: “We’re a nation that’s obsessed with property ownership, so it’s interesting to see how buyers are behaving and to discover the differences across the UK and amongst different age groups. It’s also interesting to see that Brits’ love of investing in property is still going strong, a trend I expect will continue as people increasingly look for alternatives to traditional pensions.”
This isn’t the first time location has proven to be a key factor. In August, MyLocalMortgage.co.uk conducted a survey that asked; ‘When buying a property, which factor would influence your decision the most, secondary to price?’ Almost a quarter (24%) of respondents said that proximity to work was their biggest concern, with being close to friends and family coming in second with 19.8%, and proximity to a town or city being the third major choice with 18.1%.
How to buy your ‘Forever Home’
Whether you’re 24 or 44, it’s never too early or late to start looking for your ‘Forever Home’ or the home you’d want to settle down in. The key is not to jump at the first property you discover that is in your budget. If you’re looking to purchase your dream home from the outset, it’s important to put a great deal of thought into exactly what you want.
What are your preferences? Do you want a large garden? A downstairs bathroom, or a dining room? More important than knowing what you want is also knowing what you are willing to compromise on, and what you absolutely cannot live without.
The final factor to consider is price; how much are you willing to part with to secure your dream home, and how much will your finances allow? Working with a mortgage adviser who is local to the area you wish to move to can be incredibly beneficial. They can provide you with expert advice on both the surroundings and your finances, helping you get one step closer to your Forever Home.