You would think buying a new home and moving into the property would be one of the happier moments of a persons’ life. However, a new study suggests this isn’t the case.
At Stones Residential, we do everything we can to help people love their home, but it appears some homeowners currently feel sad about their home.
Did buyers rush into a deal?
In a study conducted by GoCompare Home Insurance, more than 19,000 property buyers in the UK regretted buying property in 2021. Close to half of these people said they were unhappy because they found a number of issues in the home they didn’t see when looking at the property.
If you take the average house price between January and September 2021, this means around £2.39 billion worth of property has left buyers unsatisfied!
68% of respondents said they didn’t invest in a Homebuyers report before completing their property. 52% of respondents said they were advised not to arrange a Homebuyers Report when purchasing a home. 64% of respondents said the report didn’t find any issues with the property.
Ceri McMillan, a property expert at GoCompare, said: “Buying a home is an incredibly exciting life event, but it’s also one of the biggest purchases you’ll ever make. Therefore, it’s critical that you’re happy with the condition of the house before you buy it. One of the best ways of doing this is by purchasing a Homebuyers Report. This will provide a full review of your prospective property, highlighting any problematic defects and minimising the chances of you finding any unwelcome deficiencies after you’ve moved in.”
It is vital you present your house in an effective manner
Due to circumstances over the past couple of years, there is an argument some buyers haven’t followed best practice when looking for a new home. This cannot be expected to be the case at all times.
So, homeowners looking to connect with buyers should prepare their home as effectively as possible. At Stones Residential, we are more than happy to assist you as best we can.
Ceri McMillan spoke more about Homebuyers Reports that buyers can consider when reviewing property. Ceri said; “These usually start at around £400 but can increase in cost depending on the property’s value. Although this may feel like an extra expense, it could stop you from wasting thousands on an unsuitable house. In fact, some mortgage lenders may require that such a report be carried out as part of the approval process. Alternatively, buyers could consider purchasing a different type of report, such as a Condition Report. This is a bit more basic and is slightly cheaper (being priced at an average of £380), but will still identify any urgent risks and defects, making it a good choice for new-builds. Another option available is one of the more in-depth reports, such as a building or full structural survey. These can cost over £600, but are particularly helpful for older houses.”
Contact Stones Residential for all your Belsize Park property needs in 2022
If you would like to arrange an appointment to help you negotiate the local housing market, please contact Stones Residential today by calling us on 020 7483 0685 or emailing belsizepark@stonesresidential.co.uk.
