House buyers are overlooking potentially serious and expensive problems such as rising damp and Japanese knotweed in their eagerness to purchase their homes.
That’s according to mortgage lender, Atom bank, which found nearly a third of buyers would proceed with a property purchase knowing there were issues such as structural problems or broken central heating.
Indeed, more than a quarter would prioritise the décor of a property over major issues such as subsidence or roof problems.
More than half of those surveyed by Atom bank admitted they had overlooked common issues such as damp, central heating, electrical and roof problems. Worryingly, 67% overlooked the potential existence of asbestos.
A very large majority of buyers – 82% – admitted to not looking out for Japanese Knotweed in the garden, a problem which can cost as much as £20,000 to rectify.
In fact, Atom bank is warning, if a property suffers with any of these problems, it’s likely to cost owners a hefty bill down the line.
It said the price for damp proofing a single wall cost around £500, a new boiler is, on average, £1,995 and a rewire would set the owner back around £3,000. A new roof, meanwhile, could cost in excess of £8,250.
David Castling, director of intermediary lending at Atom bank, said: “It’s clear more education is needed for house buyers to highlight the items they should be looking for when viewing a house.
“It’s easy to be drawn in by the lovely décor, but questions about the history and integrity of the building should be asked from the very first appointment, and investing in a reputable surveyor and solicitor may well be the best investment you can make when it comes to your new home.”
Atom bank has published a guide on what to look out for when buying a property. Click here to see more.
