How long does it take to pick a new home?

New research has found that a third of house hunters spend almost three months browsing the property market before deciding on their new home.

Related topics:  Property
Warren Lewis
12th August 2015
eh

The new study, conducted on behalf of loan, mortgage and credit card provider Ocean Finance, shows that on average, homebuyers visit four properties before finding the one they are happy with.

Interestingly a quarter take just a week or less to find a new home and 17% of those questioned need to visit only one property to know it's “the one”.

When asked how many times homeowners-to-be visit the one property they like, 60% admitted they need to see their future homes two to three times before moving in, although over a quarter visit their chosen property only once.

Over two-thirds of homebuyers know instantly or by the end of the first viewing that they want to move in, the study shows.

Gareth Shilton, spokesman for Ocean Finance, says: “Buying a home is the biggest purchase of our lives, and small mistakes can cost a lot. Make sure you do your research, there are many useful websites that can help you to find more information about the area you are moving to, but do a couple of visits to see the property and the neighbourhood.

Don’t make any snap decisions, because then you may find yourself regretting buying a property that you are not happy with.”

House hunters’ deal breakers

When it comes to choosing your new home the smallest thing can put you off. The research found that the top deal breaker when buying a house is traffic noise.

The majority of those questioned won’t buy a house on a main road. A lack of natural light or an electricity pylon around the corner can also make a house unattractive for many people.

No local shops or supermarkets can let the property down, as well as little or no storage in the house. Home seekers are also put off by a property that is too far from public transport or with an untidy or small garden.

People rarely enjoy living above a take-away or chip shop, as strong food smells are another reason for turning down a house. Interestingly, people can live with coloured bathroom suites and without local restaurants and pubs.

Gareth Shilton adds: “When you are house hunting you are on the lookout for deal breakers, like a bad neighbourhood or messy garden. Before you start looking make a list of what you consider to be an essential you can and can’t live with and what can be easily improved or upgraded such as wallpaper or carpets.”

More like this
Latest from Financial Reporter
Latest from Protection Reporter
CLOSE
Subscribe
to our newsletter

Join a community of over 20,000 landlords and property specialists and keep up-to-date with industry news and upcoming events via our newsletter.