‘Love at first sight’ house hunters spend thousands on unplanned costs
Passions have always run high when it comes to choosing a home but letting your heart rule your head could end up costing thousands in unplanned maintenance costs.
June 3, 2015
Recent research from TrustMark has revealed what house hunters look out for – and what they don’t look out for – when viewing a potential home.
Worryingly, a significant majority of homebuyers would not consider looking for obvious signs of damp (62%), check the quality of the drainage (66%) or look for other signs of trouble to come such as poor water pressure (72%). Over half of those polled would not look for a new boiler (53%) in a property and 45% do not look out for modern wiring.
The research shows that these oversights can prove extremely costly. The average spend on rectifying problems was over £2900.00, a cost which could be avoided by looking out for obvious issues. With 1.07 million homes bought in 2013, this represents over £3 billion each year.
What’s more, over 40% of homeowners only paid for the basic survey on their homes, which might not pick up on even more costly problems. Instead, house hunters are looking for ‘frills’ before function, with over a fifth looking out for assets like high ceilings and curb appeal, feature fireplaces or a mature garden.
Almost twice as many people look for good carpets and flooring (32%), which are easily and cost effectively changed, than look out for drafts (19%) which can point to more costly repairs like replacing windows or adding insulation.
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