Over one third of first home buyers fear having bad neighbours

Buying your first home is not an easy feat.

And now new research from Finder has revealed what first home buyers fear the most.

Finder surveyed 1,001 first home buyers across the country for their annual First Home Buyer Report, and found some rather surprising results.

At 35 per cent, over one third admitted they were scared of “having bad neighbours“, coming in closely behind the 36 per cent who feared “being rejected for a loan”.

“Purchasing in the wrong location” made up 34 per cent, 28 per cent were cautious of “having to make personal sacrifices”, and another 28 per cent feared “having to stay in the same home or location for a while”.

Finder’s home loans expert, Richard Whitten, said liking your neighbours has never been more important.

“A friendly and safe neighbourhood goes hand in hand, which is a priority for more than a quarter of first home buyers.”

Whitten also weighed in on first home buyers’ anxiety on being accepted for a loan.

“Applying for a home loan can be nerve-racking, but there are things you can do to increase your odds of approval.”

“Your lender will look at your financial statements and spending behaviour, so it’s a good idea to avoid splurging too much in the months leading up to your application.”

Whitten added that “if you don’t already have a budget, now is a great time to start.”

Further down the scale on Finder’s report, 25 per cent were afraid of “buying the wrong property type”, while 13 per cent feared “having to bid at auction”.

Despite some fearing bidding at auction, Domain data last week revealed auction volumes are continuing their upward trend.

There were 1,448 auctions scheduled across the combined capitals last Saturday, up 9.5 per cent compared to the previous week.

Adelaide recorded the highest clearance rate among the capital cities, while Melbourne achieved their biggest weekly increase.