Are we a nation of careless homebuyers?No Comments
Sleepwalking…drifting…aimlessly ambling…call it what you will, but it’s time for us to nail our colours firmly to the mast:
Britain is a nation of careless homebuyers.
After our recent graphic that illustrates just how little time we spend researching a new home purchase, here are five great reasons why we need to up our game and do better at property due-diligence:
1) 1 in 4 buyers lose more than £2,500 because of issues they failed to pick up during viewings
Research from Which? and RICS (the Royal Institute of Chartered Surveyors) in 2010 found that 1 in 4 homebuyers lost more than £2,500 because of simply issues they failed to pick up on during viewings, which they then had to remedy themselves after moving in.
2) 1 in 10 home buyers lose more than £10,000
Ergo the above, 1 in 10 lost more than £10k when buying a property. The mind really boggles.
3) The average property viewing lasts just 15 minutes
Of course, most people tend to get a ‘gut feeling’ just on arrival at a property, but 15 minutes to adequately evaluate the potential of a property as a prospective new home just isn’t enough.
4) The average homebuyer views a property just 3 times in total before completion
Three viewings before you buy the single most valuable thing you’re ever likely to own in your lifetime? Don’t you think you owe it to yourself to visit a few more times than that?
5) It’s a messed-up transaction
Think about it: can you think of any other retail-based transaction where – for the person who is serving you – YOU are not THEIR customer? Forget duties of care…buyers are on their own, buddy (though thankfully we’re on hand to help you out).