A young teacher from South London has opened up about the significant regret she feels after purchasing her first home at the age of 24, advising other prospective buyers to learn from her experience.
The rush to get on the property ladder
Adriana Goncalves, now 26, bought her one-bedroom flat in June 2024 using a shared ownership scheme. She managed to secure the property with a five per cent deposit of just £7,000, a feat achieved by living rent-free with her mother. This arrangement allowed her to save a substantial 70 per cent of her salary each month over a seven-month period.
Despite achieving her goal of moving out before turning 25, Adriana now believes she acted too hastily. Her primary regret is not waiting a few more months, as she received a promotion at work during the purchasing process. "If I'd waited a few months I could have used my salary increase and gone for a two-bed house in Essex rather than staying in London which is more expensive," she explained.
Key regrets and unexpected challenges
Adriana has pinpointed four main areas of disappointment following her purchase. Firstly, she wishes she had delayed buying to leverage her higher salary for a larger property outside the capital. Secondly, she underestimated the impact of her commute, which now takes up to an hour by car to reach a different part of London. She believes moving to Essex could have slashed her travel time by thirty minutes.
Thirdly, she found the legal conveyancing process confusing and stressful. "No one talks you through it," Adriana said, recalling how she had to independently research the meaning of various documents and applications mentioned by her solicitors. She also felt rushed in the final weeks to complete forms.
Finally, she was unprepared for the ongoing costs associated with flat ownership, such as service charges for maintaining communal areas like a public park. "If everyone in the public has access to it, it should be something the council pays for, not us," she noted, highlighting a common surprise for many new leaseholders.
Essential advice for first-time buyers
Although she appreciates her friendly neighbours and feeling safe in her South London neighbourhood, Adriana does not see the flat as a long-term home. She plans to move to Essex or Kent in a few years to purchase a two or three-bedroom house.
Based on her experience, she offers crucial tips for others embarking on their first property purchase:
- Never rush the decision: View a property multiple times, at different hours and on different days, including weekends and after work, to truly gauge the area.
- Research the area thoroughly: Ensure you feel safe and are happy with the commute, as you will likely be there for several years.
- Understand all costs: Be fully aware of extra fees like service charges, which are typical with flats.
- Educate yourself on the legal process: If you lack family guidance, use online resources like YouTube and TikTok to understand each stage of the solicitor's process.
Adriana's story serves as a cautionary tale about the importance of timing, research, and a clear understanding of all financial and legal implications before taking the first step onto the property ladder.
