What Checks Buyers Should Make But Don’t In Housing Market

Fri 04 Dec 2020

At ADM Residential, we appreciate the housing market is considerably busy right now. The latest lockdown is posing new challenges, but activity is taking place.

It is no surprise to learn virtual viewings are on the rise, but whether you look at a property online, or in person, it is crucial you know what to look for. Alternatively, if you are selling your home, you must familiarise yourself with what buyers are looking for.

We know the local market, and we stay in touch with the latest market research. This ensures we help you make an informed decision.

Buyers should try to find faults before committing to buying a home

A study carried out by comparethemarket.com finds 77% of British people have found a fault or faults with their property after they move in. The leading problems buyers miss, and then find when they move in, are as follows:

• Damp or mould – found by 24% of buyers

• Poor electrics – cited by 22% of buyers

• Poor plumbing – listed by 20% of buyers

• Cosmetic issues with walls/ceilings/internal fixings – named by 19% of buyers

• Poor or no central heating – cited by 18% of buyers

• Not enough or inconvenient plug sockets - an issue cited by17% of buyers

• Poor water pressure – a problem for 17% of buyers

• A lack of sunlight in the garden – an issue for 15% of buyers

These problems can be expensive to resolve. The average cost of resolving these problems is £4,936.37. However, 4% of respondents spent between £15,000 and £20,000 and a further 4% of respondents spent more than £20,000 repairing their home.

The study found 13% of respondents feel uncomfortable carrying out checks when viewing property.

What are people looking at?

The most common inspections buyers undertake are as follows:

• Inspecting windows and window frames (31%)

• Asking how much utility/council tax bills are (31%)

• Opening and checking cupboards (31%)

• Checking walls for damp (30%)

• Asking about the neighbours (29%)

The least common checks are:

• Lifting rugs (22%)

• Moving furniture to check underneath it (19%)

• Videoing the viewing process (9%)

Checks first-time buyers are most likely to carry out, in comparison to established buyers, are as follows:

• Moving furniture to check underneath it (23%, established buyers 12%)

• Lifting rugs (28%, established buyers 13%)

• Flushing toilets (29%, established buyers 19%)

However, established buyers are more likely to carry out the following checks compared to first-time buyers:

• Ask how much utility and council tax bills are (36%, first-time buyers 27%)

• Check walls for damp (34%, first-time buyers 27%)

• Check walls for cracks or cosmetic defects (37%, first-time buyers 23%)

• inspect windows and window frames (30%, first-time buyers 21%)

This perhaps suggests established buyers look for issues that will cause greater problems later on, and review property in a deeper manner.

Taking this into consideration, it seems first-time buyers are more likely to move things around and look for things on the surface, but established buyers are more likely to go deeper, asking about important things such as bills, and checking for things that may cause issues later on.

37% of established buyers spend less than £1,000 when rectifying issues when they move into a home, while 22% of first-time buyers spend this amount of money.

Mark Gordon is the head of mortgages at comparethemarket.com, and he said: “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. It reveals the most common issues people miss when viewing a property, and how much Brits are spending rectifying these issues when they shouldn’t have to. We have also created a house viewing checklist that potential buyers can take to viewings to ensure they don’t miss anything important that will cost them later on.”

Click here if you want further information or insight about viewing misses from comparethemarket.com.

If you are selling your Huddersfield home, contact us today. You can book a valuation or just chat about how we make a difference in selling your home. Of all the estate agents Huddersfield vendors can call on, we like to think we make a difference in selling local homes, so contact ADM Residential today.