Purchases don’t come much bigger than buying a new home. So it surprised me to discover that most homebuyers spend more time watching one Netflix episode than they do inspecting a property.
This survey of 1,000 Aussie property owners makes for startling reading.
Compiled by a bank that’s owned by 29 industry super funds, the biggest take out from it has to be that 58% of people spent less than 60 minutes checking out the property they eventually purchased.
Other eye-opening stats
Another interesting stat is that one-quarter of home-owners discovered issues with their property after they purchased it.
Of this one-quarter of Aussie homeowners:
- One-third said they missed picking up on issues because they ‘fell in love with the property and overlooked them’
- Another third said they ‘lacked experience and skill in inspecting the property’
- One-in-ten simply said they were ‘impatient and tired of looking’
- Two-thirds spent money fixing, replacing or improving the issues identified, or have plans to do so
- And one-in-four experienced a degree of ‘buyer’s regret’ following the purchase.
Here’s the real kicker though
By taking your time, you can actually save money.
Among homeowners who identified issues:
- Four-in-ten would have paid less for the property had they discovered the problems earlier
- One-in-seven now plan to move sooner than they originally planned.
We know that it can be bit tough out there…
But we don’t just see it as our job to get you a great home loan: we want you find that dream home, too.
If you’re ever on the fence about whether or not you should go ahead with a purchase and don’t know who to ask to get it inspected further, get in touch with us.
We have reliable contacts who can help you make a measured, well-informed decision.
That way not only will you avoid buyer’s regret, you may actually negotiate a lower price, reduce your home loan size, and move house less often.
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