It’s easy to miss things when you’re viewing a property with the intention of buying.
It turns out that 77% of Brits miss crucial things when they’re home searching, then having to spend an average of £5,000 rectifying the issues.
A new study by comparethemarket.com found that 13% of Brits are uncomfortable with thoroughly checking a property before buying it, even though it could cost them later on.
You might feel awkward to closely look at the house or be pressured act quick given the fast pace of the housing market, but comparethemarket.com want to stress how important it is to be mindful when house hunting.
Their study found the most common problems people miss are:
On average, people are spending just under £5,000 to make the appropriate fixes, but 4% of those surveyed have shelled out between £15,000 to £20,000 while another 4% spent over £20,000.
There also seems to be a divide in how first time owners and experienced owners do their house checks.
Surprisingly it’s first home owners who are more likely to spot issues when viewing as 84% have spotted things, while 67% of experienced owners have been inclined to miss them.
Despite of that, established home owners on average are spending less on repairs when they move in.
The trends show that while established home owners ask less questions and sometimes spot less things, they ask the questions that they know could have a big impact on their finances.
For 37% of established home owners, they only need to spend less than £1,000 on rectifying missed issues. Only 22% of first time owners spend the same amount.
Regardless of experience, the most common inspections to undertake during a house viewing are:
But comparethemarket.com say there are other things less commonly done to add to that list, such as lifting rugs and moving furniture to see what’s underneath, flushing toilets, checking walls for cracks and videoing the viewing.
Mark Gordon, head of mortgages says: ‘UK house prices are increasing substantially, and it’s a very competitive time for homeowners looking to sell their home, and for anyone looking to buy.
‘We conducted this study to stress how important it is to undertake thorough checks on a house prior to purchase.’
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