Survey Finds Lack of Home Buying Knowledge Has Many Britons Owning a Lemon

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12th April 2013 16:17 - Housing

 

Market research by the Royal Institution of Chartered Surveyors (RICS) has uncovered the worrying truth that many UK home buyers are unwittingly setting themselves up for an average of £5,750 in repair bills to fix a range of hidden problems such as rot, structural defects and subsidence.

The study highlights the importance of home buyers obtaining the services of an independent surveyor to reveal a property’s soundness before making the sale, rather than being seduced by the surface look and feel of a place.

Nearly 60% of respondents incorrectly thought that it is an estate agent’s primary responsibility to reveal any problems with a property, with one in five wrongly assuming they act equally for the buyer and seller.

Over a fifth of home buyers who did not take use a surveyor now report being stuck with a property they would never have bought if they had been aware of its true condition

In addition, the RICS survey (which questioned 1,017 buyers across Britain) found that while consumers are clearly aware of the need for independent advice, nearly a third failed to get it.

Young and first-time buyers were revealed as being particularly at risk of buying a lemon, since they have the biggest a lack of understanding when it comes to the home buying process.

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