Many buyers do not check the properties they buy before purchase and the majority of those who run checks keep them too simple, mortgage advice experts have warned. Research commissioned by Which? Mortgage Advisers has revealed that more than one in ten (11 per cent) buyers did not carry out any checks on the homes […]
Many buyers do not check the properties they buy before purchase and the majority of those who run checks keep them too simple, mortgage advice experts have warned.
Research commissioned by Which? Mortgage Advisers has revealed that more than one in ten (11 per cent) buyers did not carry out any checks on the homes they later bought. A small percentage (5 per cent) of people did not even go to see the property before the purchase.
Most of those who did decide to run checks on their future homes preferred to keep things simple and focused on more obvious faults such as damp or mould in the property (70 per cent), the general condition of the windows (69 per cent) and cracks in the walls (68 per cent).
Considerably smaller proportion of buyers checked the less obvious issues like the condition of the chimney (36 per cent), whether light switches actually worked (35 per cent), and if taps functioned or if there was adequate water pressure (28 per cent).
The survey also found that the amount of time people spent viewing a property increased with age. Younger buyers (aged 18 to 34) spent just 49 minutes on average viewing a property, while older ones (aged over 65) needed 74 minutes on average for viewings. First-time buyers spent on average 53 minutes viewing their property.
Longer viewing times affected the prices paid for the properties. The longer people spent viewing the more likely they were to pay less than the asking price. Of those who spent more than two hours viewing a property, 71 per cent paid less than the asking price. In comparison, of those who spent less than 10 minutes viewing, only 48 per cent paid below the asking price.
“If you’re looking to buy a property in a highly competitive market, it’s easy to get carried away and not make all the essential checks. However, acting on impulse could mean that you don’t spot maintenance issues that could cost you dearly later on.
“When looking for a new home, it’s important not to rush and to carefully consider whether the property is right for you. Having a checklist that prompts you to look at things like the condition of the boiler or whether there are enough power sockets can really help, and will also highlight the questions you should be asking yourself or the estate agent, ” David Blake from Which? Mortage Advisers said.
