The Top Reasons for Financial Secrets and Big Conversations During Home-Buying

Key Highlights :

1. Nearly a quarter of British homeowners (22%) have split up with a partner whilst looking for a home to buy together, while one in ten (9%) have done so on multiple occasions

2. Young Brits were found to be the worst culprits - with more than six in ten under-25s who are lucky enough to own a home (61%) having broken up with a partner while looking for a place to buy together

3. A lack of planning was a key reason many couples end up arguing - but the research, which spoke to 1,000 people who had bought a home as part of a couple, also found Brits on average spend longer planning a holiday - 7.8 hours - than they do planning the search for a home - 5.5 hours

4. Financial secrets coming to light during the home-search process (34%) and the need to have big conversations about the future - such as whether kids are on the agenda (19%) - led to a split for many

5. Meanwhile, 23% say their partner became obsessed with money and how much they would own, leading to the relationship breaking down

6. Arguments over money were a serious issue for couples when buying homes - even if they didn’t split up. Nearly half (47%) of those who have bought a home with their partner quarrelled - with four in ten of all couples (40%) saying they disagreed about finances

7. As a result of not discussing it beforehand, three in ten (30%) of those polled say they or their partner made incorrect assumptions about who was paying what. Among them, 87% said it was about how much they would each be putting into the deposit, while even more (89%) said it was about how much of the mortgage they would each pay. And likely another cause of arguments, 68% of those who say they assumed their partner would pay more still expected to own half the property themselves. Nearly half (46%) said they had to move again because they and their partner didn’t agree on a place they both liked when they bought together. Given the cost of moving home is usually many thousands of pounds, a lack of planning can be a costly mistake.

For more information, please read the full article at http://www.zoopla.co.uk/uk/news/uk-home-owners/almost-a-quarter-of-british-homeowners-have-split-up-with-a-partner-while-looking-for-a-home-to-buy-together-9609758

     Buying a home is one of the most important financial decisions you can make in life. It is a significant investment and requires careful planning and consideration. Unfortunately, many couples end up arguing while looking for a home to buy together, with nearly a quarter of British homeowners (22%) having split up with a partner while searching for a place. According to research from Zoopla, young Brits are the worst culprits, with more than six in ten under-25s who are lucky enough to own a home (61%) having broken up with a partner while looking for a place to buy together.

     The research found that financial secrets coming to light during the home-search process (34%) and the need to have big conversations about the future - such as whether kids are on the agenda (19%) - were the top reasons for this. Meanwhile, a lack of planning was also a key factor, with Brits on average spending more time planning a holiday - 7.8 hours - than they do planning the search for a home - 5.5 hours. This is despite the average home costing 200 times more than the average holiday.

     Arguments over money were a serious issue for couples when buying homes - even if they didn’t split up. Nearly half (47%) of those who have bought a home with their partner quarrelled - with four in ten of all couples (40%) saying they disagreed about finances. As a result of not discussing it beforehand, three in ten (30%) of those polled say they or their partner made incorrect assumptions about who was paying what. Among them, 87% said it was about how much they would each be putting into the deposit, while even more (89%) said it was about how much of the mortgage they would each pay.

     Given the cost of moving home is usually many thousands of pounds, a lack of planning can be a costly mistake. That’s why Zoopla has created a guide on how to harmoniously house hunt, which includes tools such as an online mortgage calculator and map search, tips from a life coach, and a checklist for all the conversations couples need to have before they start to look for a home.

     It is essential that couples have open and honest conversations about finances and other important topics before they start looking for a home. This can help them to avoid arguments and disagreements during the process, and ensure they are both on the same page with regards to their financial commitments. By doing so, couples can ensure they are making the right decision for both of them and that they are both happy with the outcome.

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