Not looking for faults, scarifying bedroom numbers, going over budget or not buying into a central location were the top regrets for property buyers, according to a new comparative survey.
A new survey by Compare the Market revealed that nearly 40 per cent of Australians have buyer’s regret.
The survey revealed that 32 per cent of buyers’ biggest regret was not being thorough enough in inspecting potential faults in their future home.
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The second-biggest regret, at 29 per cent, was sacrificing the number of bedrooms to save money, while 28 per cent of property owners wished they had chosen a more central location.
Additionally, 26 per cent of respondents regretted going over budget when buying their property.
Comparatively, only 10 per cent of property owners regretted buying near a train line – the smallest regret – while 19 per cent of respondents said they should have bought more backyard space.
Survey data also showed that 17 per cent of buyers said they had received bad advice while purchasing their property, with the most common “bad advice” to wait for prices to fall.
Other “bad pieces of advice” included not worrying about inspection reports and buying over budget.
Compare the Market’s general manager of money, Stephen Zeller, said that while Australians feel pressured to buy properties, building inspection reports should never be disregarded.
“It’s really interesting to see that overlooking home defects was the biggest regret for Aussie home owners,” Zeller said.
“Sometimes they miss things that come up later, but usually inspectors are really good at finding issues with a building, particularly ones that could cause a lot of grief later on.”
Zeller said buyers could decide to back out of a purchase if the home’s condition is substandard, or negotiate for repairs to be made beforehand or for a price reduction.
“There’s rarely ever ‘the perfect house’, but it’s still important to take your time and figure out your top priorities for a home, your budget, and some preferred locations,” Zeller concluded.
