While it’s not impossible to both have your dream property and a spouse and children, it can be very costly, and difficult to attain and maintain. Dream homes don’t come cheap, that’s why they’re called ‘dream’ homes! This all comes down to what exactly your dream is, however, as some people may dream of snapping up an enormous mansion at a property auction Northumberland, whilst some may be content with just living in a small flat that they’ve got on the cheap from a property auction Sunderland!
Weddings, rings, children and all that goes with them can add up though and make it even more difficult to afford that dream home. This is just some of the reasoning behind a recent statistic that has come out from a Nationwide Building Society, which states that one in five second-time buyers are putting purchasing their dream home ahead of getting married and starting a family.
85% of those hoping to trade up into their dream home at a property auction North Shields are having to make sacrifices to do so. The average cost of this second property, whether at property auction Northumberland or estate agent, stands at £370,539, which is a large amount of money to save towards!
Over 25% of home-owners still living in their first home said they’d need to change their career or job to raise the kind of money they’d need to afford their dream home at property auction Sunderland or their local estate agent. Another 25% said they would, at the very least, have to increase their work hours to raise the capital.
However, those choices are less drastic than delaying starting a family or pushing back getting married just to purchase their dream property at property auction North Shields. 19% of respondents were delaying having children to save up money for the purchase, while 16% were putting off marriage plans to do so.
Whilst there is a lot of coverage in the media about the difficulties that first-time buyers face when trying to purchase their first home, research shows that second-time buyers are also having a lot of challenges when trying to move up the property ladder.
When these potential second-time buyers are trying to find their dream home at property auction Northumberland or with an estate agent, 38% of them claim that their biggest barrier is finding a home within their budget but getting one in the right area is a problem for 25% of those looking to buy. 18% of people still living at their first home are finding it difficult to save up a big enough deposit to be able to afford their dream home at property auction Sunderland or an estate agent. 15% chalked their difficulties up to not being able to afford moving costs, and 8% were unable to due to having previous negative equity.
Despite these challenges, one fifth of second-time buyers said that they would not compromise on anything in their next property. With 26% of respondents wanting their second home to be their ‘forever home’, you can understand the reluctance when it comes to giving up aspects of their dream home.
The constantly rising price of homes is making it more difficult for everyone to buy a home, whether they are just getting on the property ladder or trying to move up it. However, instead of the traditional estate agent route, potential buyers should consider visiting a local property auction North Shields, as it is a very realistic possibility that you can snap up a good bargain for a lot less than it would go for at an estate agent.