The average Australian home buyer spends more than seven months searching for a property, does around 90 hours of research and inspects 12 properties before finally settling on a purchase – yet most spend only an hour inspecting the property they eventually buy.
This is according to a national survey commissioned by St.George Bank, which shows that home buyers tend to skimp over a lot of a property’s finer details before making probably the most important purchasing decision of their lives.
“Most people will look at a new car for longer than they inspect the home they buy,” said Andy Fell, St.George’s general manager of retail banking.
The survey also found more than half (55%) of Australian home buyers said they discovered hidden problems with their homes after moving in. The most common problem was related to plumbing, followed by poor TV reception and bad mobile phone coverage.
Other problems that came up included noisy neighbours, major cracks in the walls or floors and a lack of high speed internet available in the area.
Rising damp and insufficient parking onsite were problems with just 8% of respondents.
Do you have more than $120k in your super fund? You could use your super to buy property - Find out how
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out