PHOTO: Agent Samantha Elvy at a rundown home in Balmain. Buyers’ biggest fear is getting a home with unforeseen damage. Picture: Justin Lloyd Source: News Corp Australia
FORGET a housing crash or the risk of defaulting on mortgage payments — the biggest worry for property buyers is getting a home with unforeseen damage and hefty maintenance requirements.
This is according to a new report which revealed the fear of owning a problematic home is so strong that home buyers consider forgoing building inspections as the biggest mistake they could make.
More than four in five respondents of the ME Bank survey of 1000 Aussies viewed failing to pay the $500 to $1000 typically required for a building inspection as a major gamble. This was a greater number than those who saw buying off the plan or regional property as risky.
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