According to new research, more than half of Australian house hunters spend the same amount of time inspecting a property as they do watch an episode on Netflix.
You see a house you like, and you immediately want to buy it, but take a breath as FOMO can be costly – with a third of recent purchases admitting to “buyers regret.” Not doing your due diligence on a property can also have implications for finance if the lender’s valuation doesn’t come in at what was expected. And it turns out that a lot of home buyers are leaping before they look right now.
A recent survey of 1,000 property owners was conducted by ME, which revealed that 55% of house hunters spent less than 60 minutes checking out the property they eventually purchased, despite it being one of the biggest purchases of their lifetime. That is about the length of a standard 55 minute Netflix episode.
The Impact of Covid-19
It turns out that we haven’t just become better and bingeing during Covid-19, but Covid-19 has also reduced the time buyers have to check out properties. But… it is not always the purchaser’s fault.
About two-thirds (65%) of recent buyers said: “real estate restrictions impacted their ability to inspect and purchase their property.” And, surprisingly, almost half (45%) of buyers restricted by lockdowns admitted to doorknocking vendors to ask for an inspection on the sly, as well as looking at photos and/or videos of the property.
The lack of inspection time led to around 65% of Australian home buyers discovering issues with their property after moving in. Around 40% of this group said they missed picking up the issues because they “lacked the skill or experience in inspecting the property”, whilst 33% simply “fell in love with the property and overlooked them”, and 18% were “impatient and concerned by rising prices.”
The top-post purchase problems included construction quality (32%), paintwork (28%), gardens and fences (23%), fittings and chattels (21%) and neighbours (17%).
Among owners who identified issues:
- 34% experienced a degree of “buyers regret” following the purchase
- 58% would have paid less for the property had they discovered the problems earlier
- 84% spend money fixing, replacing or improving the issues identified, or have plans to do so.
Emotions are always involved when purchasing a home, which can cloud judgment. For a purchase as large and as important as real estate, you want to make sure you are making the right decision. Buyer’s agents provide clear and objective guidance, market intelligence and experience to support the home buying journey. Using the skills and knowledge of a buyer’s agent can help you buy the right property for you. Book a free 30-minute consultation to see how we can help you purchase the right property, at the right price.
Purple Avenue is a Sydney based Buyers Agency. We provide expert guidance and advice to help you make the most informed decisions, and our buyer’s agents will be with you every step of the way to ensure the process of buying your home is as smooth and stress-free as possible.
Disclaimer: This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This article is not to be used in place of professional advice, whether in business, health or financial.