According to a recent study by the real estate agency LRG, damp damage or structural defects would deter 35% of property buyers from making an offer. These findings place damp and structural problems jointly as the third most common reasons cited by buyers for abandoning a purchase process.
The survey underscores the importance of a property's condition for potential purchasers. While aesthetic aspects such as outdated decor or unsightly gardens can often be addressed by the buyers themselves, structural problems or persistent damp signal the potential for high, unforeseen repair costs, which can significantly influence buyers' calculations.
Importance of property inspection
The results suggest that a thorough property inspection, ideally before the property goes on the market, is crucial for sellers to identify and, if necessary, rectify potential obstacles early on. This can increase the property's attractiveness and improve the basis for negotiation. Buyers, in turn, should always pay attention to detailed condition reports and consult their own experts if needed.
It becomes clear that confidence in the substance of a property is a fundamental criterion for a purchasing decision. Properties that offer transparency regarding their condition from the outset, and where defects have been professionally assessed or rectified, tend to achieve better sales results. The LRG study thus provides important insights for the entire real estate market.
Buyer concerns at a glance
- —Outdated decor
- —Unfavourable location
- —Damp damage
- —Structural defects
Overall, the study results show that the physical condition of a property has a significant impact on the purchasing decision. Sellers and agents are well advised to consider these factors in the sales process to avoid unnecessary delays or even the breakdown of sales negotiations. Proactive handling of potential problems can secure the property's value in the long term and make the sales process more efficient.
