Property guru reveals most common mistake made by homebuyers

June 24, 2017 by Brendan O'Neill

Property Market

Well known property expert, Phil Spencer, has revealed the most common error made by homebuyers.

The property guru, from Channel 4’s Location, Location, Location, spoke to Express.co.uk about the difficulties of finding a home. Spencer stated that homebuyers will generally have an ideal location in mind, as well as a list of ‘must haves’ for their new home. However, there is one mistake which is more common than others, according to Spencer:

“The most common mistake homebuyers make is not being focused.”

He added:

“Not all the properties you imagine will exist at your price point.”

According to Spencer, 10% of first time buyers regret their first home purchase. This is usually due to having to relocate away from family and friends, move from the best schools and compromise on factors which will impact on quality of life. Saving for a deposit is one of the biggest problems which face first time buyers. This has meant that record numbers of young people are living at home with parents in comparison to previous years.

Advice offered by the expert include not going out to restaurants for dinner every week, using public transport rather than buying a car, and generally cutting back on items which aren’t essential. This will help home buyers to save for a deposit much faster.

Mortgage advisors spend a considerable amount of time studying on a CeMAP course so that they can offer advice to buyers who are facing difficulty.