Fewer than 1 in 5 homebuyers find their perfect property
The latest research from Yopa has revealed that fewer than one in five homebuyers would describe the home they purchased as their “perfect property,” with outdoor space and overall size the most common compromises made during the buying process.
The survey of recent homebuyers, commissioned by Yopa, found that 58% began their property search with a clear idea of what their dream home would look like, with a further 27% having a fairly clear idea of what their perfect property would look like.
Location, size, number of bedrooms, and garden or outdoor space ranked as the most important factors when defining this vision. However, turning that dream into reality proved far more difficult.
Just 17% of respondents said they were able to find a home that ticked every box on their dream property checklist, while the vast majority had to make compromises along the way.
In fact, only 19% said the home they eventually purchased matched the ideal property they had in mind when they began their search, with 81% admitting to settling for less than perfect.
The most common compromises made were the size of the garden or outdoor space and the overall size of the property, followed by the style or character of the home and its location.
For most, affordability played a key role, with 73% of homebuyers stating that, had they possessed a larger budget, their dream home would have been within reach. However, 8% said they simply couldn’t find a property they would consider perfect, regardless of price.
Despite this, the research also revealed a silver lining: 88% of buyers said they were ultimately satisfied with the home they purchased, even if it wasn’t quite the one they originally imagined.
Verona Frankish, CEO of Yopa, commented:
“The majority of us start our search with a clear idea of what our perfect property looks like, but when it comes to actually finding it, it’s often easier said than done.
Of course, price is a major factor for many buyers, but there’s also the reality of what’s actually available on the market, which can dictate the style, location and space of the properties we purchase.
Then there’s the gut feeling, the one you get when you walk into a property and think ‘this is perfect’. For many homebuyers, this feeling never comes, even when admittedly viewing houses that are lovely in their own right.
With so many factors influencing our thoughts and feelings on a house, it’s no surprise that a large proportion of homebuyers end up making compromises, rather than finding a property that meets every expectation they had at the start of their search.
So if you’re struggling to find that perfect home, you’re certainly not alone. The key is to focus on what matters most, whether that’s space, location, or long-term potential, and remember that in most cases you’ll ultimately end up happy – even if your property doesn’t meet your vision of perfection straight off the bat.”
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