Buying your first property is an exciting moment. For a lot of young adults, the road to buying your first home is long, painful and demanding. Over the years, the first step to get on the property ladder has become increasingly far away from the ground, to say the least! As a result, first-time buyers are older than they used to be. They are also, on average, poorer – as a consequence of property prices getting higher. So, when finally, you manage to find a house you can call home, and you can afford, you can believe that this is the end of the road, that you’ve achieved your goal. Unfortunately, some unexpected hiccups could seriously taint the sweet taste of homeownership.
When repairs are more than expected
Unless you bought a newly built property, it’s fair to admit that you’ll need to plan some renovation works. But the one thing you probably didn’t expect between the moment you visited the house and now is the drop in temperatures. Indeed, winter is going to be cold – the MET warns about the coldest winter in years –, so you’ll be turning up the heating. With the current rise in energy prices, you might find yourself rapidly out of pocket until you can plan insulation and window replacement works. For the time being, you’ll have to continue with your saving habits to make sure you can keep your budget in the green. Old houses can lose most over 30% of heat through the roof and the walls.
When nobody warned you about the neighbours
You should have asked about the neighbours. You didn’t and naturally assumed that your local community would be friendly. But when you move in next to a horror neighbour, life can become tough. Some neighbours, indeed, fail to look after their properties, which, in the long term can affect your safety too. The news is full of stories about neighbourhood feuds, such as a tree falling onto your roof or even your driveway, putting you at risk. In fact, if you’ve been injured, you could claim compensation for negligence – some of the best no win no fee solicitors can help you with your case. The bottom line is that you want to have a look at your neighbours before making an offer.
The decor argument with your loved one
New homeowners report numerous conflicts with their partners regarding interior decor. Indeed, as for many, this is the first time you’re allowed to decorate your home, it can be the beginning of long and painful arguments. It’s not uncommon for couples to need to compromise over tastes and styles, but you can improve your home on a budget. A little tip to avoid unproductive conflicts: adopt a pick and mix attitude!
The never-ending commute
Commuting to work is stressful. And if your home happens to be along a busy road, you’ll spend a lot of time in the car. Gradually this can affect your mental health and lead to severe mood swings and fatigue.
From unexpected renovation projects to stressful commutes, buying a new home comes at a price that is both financial and emotional. You need to be ready for it if you want to make it work.