The biggest mistake buyers make when purchasing a home

Your home is probably the most expensive thing you’ll ever purchase, but what if you made a mistake about what sort of property would make you happy?

Professor Michael Norton from Harvard Business School, co-author of Happy Money: The New Science of Smarter Spending, says when choosing a home, many of us unwisely prioritize physical aspects.

“It can be wiser to spend time and money finding a community rather than a third bathroom,” he says.

Research from Harvard University shows that when college students were randomly assigned to dorm rooms, most believed they would be happier in a bigger, more beautiful house.

However, the degree of social connection in the accommodation they landed had the biggest impact on their happiness, not its physical qualities.

According to Sam Robinson, who runs the annual Neighbour Day campaign, the importance of community cannot be overstated.

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