- House hunters are spending more time bingeing Netflix than they are inspecting their future purchase
- It was revealed once they found their future home, more than half spent less than 60 minutes checking it out before purchasing
- The lack of inspection time led to around 61% discovering issues with their property after moving in
House hunters are spending more time bingeing Netflix than they are inspecting their future purchase, according to new research by ME Bank.
After surveying 1,000 property owners, it was revealed once they found their future home, more than half spent less than 60 minutes checking it out before purchasing.
The time has been further reduced due to COVID-19 with 65% stating real estate restrictions impacted their ability to inspect and purchase their property.
The research found 45% of buyers restricted by lockdowns admitted to doorknocking vendors to ask for an inspection, combined with looking at photos and videos of the property.
The lack of inspection time led to around 61% discovering issues with their property after moving in due to their lack of skill or experience in inspecting, overlooking them, or being impatient or concerned by rising prices.
The top problems buyers saw after purchasing included construction quality, paintwork, gardens and fences, and fittings and chattels.
Among owners who identified issues:
- 84% spent money fixing, replacing, or improving the issues identified, or have plans to do so
- 58% would have paid less for the property had they discovered the problems earlier
- 34% experienced a degree of ‘buyers regret’ following the purchase
ME general manager John Powell said emotions are always involved when purchasing a home, which can cloud your judgement.
“Give weight to any niggling hunches that give you cause for concern and get a professional property inspector to do the looking for you.
John Powell, ME general manager
“It is also important to know your borrowing capacity in advance so you can buy your home with full confidence knowing you’ve got solid financial backing.”
According to the survey, around a third of buyers failed to arrange a professional building and pest inspection.
Although there were reservations, a large proportion of those who identified issues still reported they were happy with their decision.
94% said it was still worth buying the property despite the problems they discovered.
Top post-purchase problems identified among property owners
|
Issues |
Total |
|
Construction quality |
32% |
|
Paintwork |
28% |
|
Garden and fences |
23% |
|
Fittings and chattels |
21% |
|
Neighbours |
17% |
| Services |
15% |
| Noise or lighting |
14% |
| Illegal building work |
10% |
| General floor plan |
7% |
| Valuation |
6% |
| Location |
6% |
| Zoning or title |
4% |
Source: ME Bank survey 2021.
