This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Astounding survey results from Which? Mortgage Advisors shows that 10% of home purchasers did not conduct any checks when viewing a property that they went on to buy.
In addition, young people and first-time buyers were found to have spent on average less than an hour viewing a property.
Checks
The mortgage advisors asked people who had either bought or sold a house during the past five years what checks they had carried out before buying a property. 11% did not conduct any checks during viewings, while unbelievably, 5% of those questioned said they had not viewed the property at all![1]
Of those checks actually undertaken, 70% were for any signs of obvious damp or mould growing within the property. 69% looked at the conditions of windows or for cracks in the walls (68%). However, just 36% checked conditions of chimneys, 35% whether light switches worked and 28% if there was water pressure.[1]
Findings from the survey also show that the time spent viewing at a property increased with age. Those aged between 18-34 view a property for just 49 minutes on average, with over 65’s increasing their time to 74 minutes. First-time buyers spent an average of 53 minutes viewing their property.[1]
10% of homebuyers don’t conduct checks
Timely pricing
Viewing time also appears to extend when property grows in price. The longer people spent viewing seem to be reflected in them paying less than the asking price. Of those that spent more than 2 hours viewing a property, 71% made an offer of lower than the full-marketed price. In comparison, of those that spent less than 10 minutes viewing, just 48% paid less than the asking value.[1]
David Blake of Which? Mortgage Advisors, said, ‘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.’[1]
‘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,’ Blake added.[1]
[1] http://www.propertyreporter.co.uk/property/10-dont-bother-to-check-the-property-they-buy.html
