Costly surprises hit FTBs

Posted: 18 Jul 2007 11:05:20 GMT


            Property News - Costly surprises hit FTBs

First-time buyers (FTBs) are being stung by nasty surprises within a year of moving into their first home because they are not carrying out proper checks.

First-time buyers (FTBs) are being stung by nasty surprises within a year of moving into their first home because they are not carrying out proper checks.

That is according to AA Financial Services, which says only 28 per cent of FTBs got an independent structural survey before signing on the dotted line.

This has led to a plethora of expensive problems, with 66 per cent of the FTBs questioned saying that they had difficulties in their first year.

A total of 15 per cent said that they had experienced a leaking roof, a further 15 per cent found rotten windows, 12 per cent had drainage problems and seven per cent suffered from rising damp.

Structural difficulties are not the only problems experienced by FTBs, with noisy neighbours being the most popular complaint.

"Young home buyers are now taking out mortgages which they will be paying off for the next 50 or so years so they should feel confident about the investment they are making," said James Molloy from AA Legal Services.

"Simple legal and structural checks not only give peace of mind, but could also avoid costly surprises."

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