Over Half of British Buyers Were Not Aware Of Their Property’s Issues Before Buying

 

Homeownership has collapsed for young adults in the past two decades, high property prices and competition from other buyers has made it difficult to get on the property ladder.

So, when you do eventually get to the point of purchase, you would think that buyers would be doing extensive research to ensure they are making the right choice? It appears not.

Terry’s Fabrics conducted a survey of 1,000 people to find out exactly how much Brits know before putting in an offer on their home, and we don’t know as much as we should.

We’re not taking long enough to inspect our potential properties

22% of respondents only spent a mere 30 minutes or less visiting their property, which is shorter than the UK’s average commute to work. With only 35% of respondents viewed their home for 2 hours or longer – why aren’t we spending more time looking into the biggest purchase we will probably ever make?

The Refusal To Take A Deeper Look Is Costing Us Thousands

When looking into what buyers hoped they could have asked or checked with the estate agents and home sellers before putting in an offer. The results were startling, and it shows that maybe we can be too polite for our own good.

“Can I use the bathroom?” - It’s a question us reserved Brits will never dream of asking when entering a stranger's home. Especially not when viewing a property. But, over 23% of homeowners wish they could have had a bath or used the toilet to check if their new home had plumbing issues. And when asked what has been the biggest problem in the current property people are living in, 12% said that plumbing, leaks and mould were the main problems. Does this show we need to get outside our comfort zones to save us some cash when buying properties?

The survey showed that over 16% of the survey felt that they would appear rude for asking.

But, if we asked about matters we cannot check ourselves would those involved answer honestly? Clearly, Brits think not. 12% of the survey felt they wouldn’t get a truthful answer if they asked. Astonishingly, when we asked the British public about issues in their property, a whopping 60% were not aware of their house problems before buying. Therefore weren’t able to budget for these issues, or adjust their offer price to account for the costs of repairs.

30% Of Britons Put An Offer On A House Because Of Other Buyers

Buying a property could be the biggest decision of your life and one of the costliest. The biggest pressures British people felt was competition from other buyers. Shortage of other homes in the preferred area was also a main burden for the UK. Which is not too surprising but cements the fact the UK is in the midst of a housing crisis.