24 April 2008
With the slowdown in property sales, desperate vendors might be tempted to hide faults. Homebuyers need to be savvy - not viewing a property thoroughly could cost £10,000, says Which?.
A survey* by the consumer organisation reveals that a quarter of people who bought homes in the past five years found faults with their home after moving in. Problems** cost an average of £2,500 to rectify, but one in ten respondents spent more than £10,000 putting things right.
Almost a third of those who’d found faults said they’d missed a problem because it hadn’t occurred to them to look. The main issues were poor heating, damp, badly fitting windows and doors and roofing problems. A quarter of them felt that problems had been hidden from them. Common cover-ups include painting over damp, putting furniture in front of cracks or rugs over floor problems, according to a Which? property expert.
In addition, while estate agents can’t be misleading, they aren’t obliged to reveal problems and desperate vendors may be more tempted to hide faults in the current climate. Which? recommends asking direct questions and has drawn up a checklist for homebuyers at www.which.co.uk/propertychecklist
The research also surprisingly found that one in 20 house buyers don’t view their home at all before buying. It’s always a bad idea to buy unseen. Typically people view their home twice before moving in, though Which? recommends viewing three or four times.
Which? says it’s clear that the current system isn’t working properly and it wants to see homebuyers get more information about the condition of a property upfront. It is calling on the government to set up an independent inquiry into the whole house-buying process.
Neil Fowler, Editor, Which?, says:
“Despite falling sales in property, people are still buying homes – and it’s likely to be one of the biggest purchases they make. Estate agents can’t mislead, but they don’t have to reveal problems, so you should always check a prospective property thoroughly.
“When viewing a new home, try not to let your heart rule your head and treat it as a building that needs inspecting. If you do spot faults, don’t be put off buying, but at least get a professional opinion, and use this to renegotiate the price - you could save yourself thousands of pounds.”
- Ends –
*In January 2008, Which? asked 504 members of the public, who had bought a house in the past five years, to complete a survey about their house-buying experiences.
**122 people found a problem after they moved in.