August 28th 2024.
Are you planning to move into a new house soon? If so, there are a few things you should keep an eye out for. Of course, there are the obvious considerations like cost and location, but it's also important to take note of any potential red flags that may indicate a property is not right for you. These could range from noisy surroundings to major structural issues that could end up costing you a lot of money down the line.
Recent research has revealed the top red flags that put off British homebuyers, and it's no surprise that mould and damp were at the top of the list. In fact, a survey of 2,001 prospective homebuyers found that 49% of them would be deterred from making an offer if they saw signs of mould or damp. This is understandable, as living in a mouldy home can have serious health risks, especially for those with respiratory conditions. Erika Radford from Asthma + Lung UK has warned that mould can worsen symptoms and even lead to life-threatening asthma attacks.
Coming in at a close second on the list of red flags is a noisy neighborhood, with 43% of respondents agreeing that this would put them off buying a property. And 39% said that an overpriced property would also deter them. Interestingly, there were differences in responses between men and women. While the top three red flags were the same for both genders, location ranked fourth for men and unusual smells ranked fourth for women.
If you're in the process of planning a move, you may want to consider timing it for the month of October. According to a recent study, this is statistically the best time to move as a renter. The study found that the average rent in England drops after a summertime peak, with renters who move in October saving an average of 10% on their annual rental bill. In fact, over the last four years, the average renter who moved in October saved £1,400 per year.
Other red flags that made the list include cracks in the walls or ceiling, signs of pests, and a lack of parking spaces. Interestingly, being on a floodplain was a concern for 36% of respondents, with women being more likely to care about this than men. On the other hand, having a property listed or being on the market for a long time didn't seem to bother most people.
So, when you're viewing a potential new home, it's important to pay attention to the details and not just the overall look and feel. It's better to spot any red flags early on than to end up with unpleasant surprises later. And if you have a story to share about your own house-hunting experiences, feel free to get in touch and share it with us. We'd love to hear from you!
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