subscribe to our newsletter
Home buyers make snap purchase decisions, study finds

Home buyers make snap purchase decisions, study finds

A new survey has found that Aussie house hunters spend less time in the houses they intend to buy than they do commuting to work.

Research conducted by ME Bank found that more than half of Aussie house hunters spend just an hour inside the home they decide to purchase, less than the equivalent of watching an episode of Married at First Sight or cooking a roast.

The survey of 1,000 property owners revealed that 58 per cent spent less than 60 minutes checking out their eventual purchase.

Universal Buyers Agents director Darren Piper warned of the problems home buyers could face if they rushed into a purchase decision.

“After spending weeks or months scrolling through listings and inspecting homes, it is common for home buyers to get complacent once they think they have found ‘the one’.

“Unfortunately, this often leads to some oversights, which the buyers are then left to deal with after the deal has already been done.”

The survey found that more than a quarter, 26 per cent, discovered issues with their property after they had bought it.

In the group that identified problems, 36 per cent said they “fell in love” with the property and overlooked the faults, while 32 per cent said they lacked experience in inspecting the property.

Only 11 per cent stated they were simply impatient and tired of looking.

Many of the top post-purchase problems included paintwork, construction issues, fittings and gardens.

Mr Piper said that emotions can get in the way for many home buyers and that repeat visits are needed to avoid these complications.

“Home buyers are often signing the paperwork to their dream home with rose-coloured glasses on,” the director said.

“Once a buyer starts marking decisions with their hearts instead of their heads, that’s when they can pay too much for a property or overlook important issues.”

The survey found that 74 per cent spent money fixing, replacing or improving the identified issues and 41 per cent would have paid less for the property if they had discovered the problems earlier.

Of the group, only 23 per cent experienced buyer’s regret following the purchase.

Mr Piper’s advice to home buyers is to let the agents help so they can avoid these issues.

 

Home buyers make snap purchase decisions, study finds
mortgagebusiness

Latest News

NAB CEO Andrew Thorburn has told parliamentarians that the bank dropped almost 7,000 mortgage introducers as part of an “overhaul” of it...

Customer satisfaction in Australia’s major banks has taken a hit off the back of misconduct identified by the financial services royal com...

More than $5 million in superannuation has been released to first home buyers under a scheme first announced in the 2017–18 federal budget...

FROM THE WEB

podcast

LATEST PODCAST: How Australia can learn from overseas markets

Is enough being done to ensure responsible lending?