This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
An interesting new survey has looked into just how long it takes for the average house hunter to decide on their new home
The study, conducted by loan, mortgage and credit card provider Ocean Finance, indicates that one-third of would-be property buyers spend three months searching for their desired property. In addition, the research reveals that on average, homebuyers visit at least four properties before making a decision.
Browsing
In addition, a quarter of house hunters to just one week or less to secure a new home, with 17% of these people stating that they only had to visit a property once to know it was their preferred property.
When questioned on how many times prospective homeowners visit a property they believe they like, 60% said that they need to see a home two or three times before agreeing to a move. However, over two-thirds of homebuyers said that they know instantly by the end of a viewing that they would like to move in.[1]
Gareth Shilton, spokesman for Ocean Finance, stated, ‘buying a home is the biggest purchase of our lives and small mistakes can cost a lot. Make sure you do your research, there are many useful websites that can help you to find more information about the area you are moving to, but do a couple of visits to see the property and the neighbourhood.’[1]
Home-hunter preferences revealed
‘Don’t make any snap decisions, because then you may find yourself regretting buying a property that you are not happy with,’ he added.[1]
Off-putting
Additional data from the report also shows the measures that are most likely to put people off buying a home. The greatest deal breaker was found to be traffic noise, while the majority of those questioned said that they would not purchase a property on a main road. A lack of natural light or an electricity pylon in close proximity was also found to make a house more unattractive.
No local supermarkets or shops was also found to be off-putting, alongside homes too far away from public transport or with a small garden.
Shilton added, ‘when you are house hunting you are on the lookout for deal breakers, like a bad neighbourhood or messy garden. Before you start looking make a list of what you consider to be an essential you can and can’t live with and what can be easily improved or upgraded such as wallpaper or carpets.’[1]
[1] http://www.propertyreporter.co.uk/property/how-long-does-it-take-to-pick-a-new-home.html
