Newspaper article The Journal (Newcastle, England)

Check out That Home Properly before Committing to Buy

Newspaper article The Journal (Newcastle, England)

Check out That Home Properly before Committing to Buy

Article excerpt

Byline: Vicky Robson

EGIONAL property experts are urging buyers to do their homework before purchasing a property.

RThe advice comes after a survey revealed that it takes home buyers on average around the same time to pick a new home as it does to choose a new pair of shoes.

The study by HSBC found it takes just 26 hours on average for people to decide to make an offer on a house purchase, and 25 hours typically for them to decide whether to buy a pair of shoes.

The research involved 2,000 homeowners and househunters and found that with the supply of homes generally tight compared with the number of potential buyers, one in nine (11%) people had decided to put in an offer within two minutes of viewing a property.

Andrew Craig, managing director of Andrew Craig, said: "Ask questions of the sellers, don't be afraid as if it's on your mind then it's important.

"Remember things like how old is the boiler? When was it rewired? What's included/excluded? How long is the lease? Has it flooded? Have you had disputes with neighbours? And of course, are you in a chain, so you can try to estimate timing.

"Once you have decided on a home and had your offer accepted then it's time for a survey.

"The mortgage lender will only do a quick valuation so consider having a more detailed survey from a member of the RICS. You can use www.ricsfirms.com and search locally. Ask about fees and perhaps compare more than one. If the survey shows any problems then discuss these with the estate agent, to see if the seller will help with the cost."

While the decision to buy a home is rapid, the average house hunt takes 89 days - with 24 days spent researching locations, 38 days researching properties and 27 days viewing properties.

According to the survey, people take much longer to decide which holiday to book than whether to buy a house, spending five days mulling over a destination typically. …

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