Homeowners failing to inspect their property experience buyer's remorse

Amidst lockdowns and restrictions on real estate, a new survey reveals a third of recent homebuyers experienced buyer's remorse after discovering issues while moving in.

Building inspections Melbourne

According to the leaders in pre purchase building inspections Melbourne-wide, Metrospect, buyers who let their emotions take over when purchasing a home often skip a building inspection and then end up with buyer's remorse when they discover issues with their property.

A recent study by ME Bank revealed that 55% of property buyers spent less than an hour checking out the property they eventually purchased. The study also found that a third of buyers failed to arrange building and pest inspections. Melbourne buyers were hit with tough restrictions on in-person inspections, which has contributed to the lack of building inspections, says Metrospect.

As Metrospect explains, issues discovered after moving in are not uncommon when buyers fail to arrange a professional building and pest inspection, as untrained people don't know what to look for. As a result, buyers end up spending more money on fixing, replacing or improving their property.  

Metrospect says the biggest issues they discover when conducting building inspections Melbourne-wide include construction quality, gardens and fences, dampness and leaking issues, re-stumping and settlement issues.

There is no doubt that buying a home or investment property is likely to be the biggest financial commitment many people will ever make in their life, which is why Metrospect says it is absolutely crucial for a professional building and pest inspection.

To avoid finding out about issues after purchasing a property, Metrospect advises buyers to set aside emotions which can cloud judgement and arrange for a professional building and pest inspection which will give buyers the peace of mind and confidence they need before committing to a property purchase.

A professional building and pest inspection is an essential part of due diligence. Metrospect points out the havoc termites can wreak on the timber structural elements of a home, with repairs costing thousands of dollars. Structural issues can also cause financial stress for homeowners and Metrospect points out that there can be issues whether a house is new or old.

To arrange pre purchase building and pest inspections, contact Metrospect on 1800 008 240

Source: Metrospect