28 percent of homebuyers unveil defects in purchased homes

Survey: Only a third of home-buyers of second-hand homes in Israel are having professional checks done before purchasing a home.

By BUYITINISRAEL.COM
September 16, 2010 16:25
1 minute read.
Doing some home improvements.

311_handwriting on the wall. (photo credit: Buyitinisrael.com)

This article was provided by Buyitinisrael.com the official guide to Israel real estate.

Only a third of home-buyers of second-hand homes in Israel are having professional checks done before purchasing a home, according to a survey conducted by Nest Value.

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The survey revealed that 28 percent of buyers of second-hand homes in Israel when moving into the home discovered problems and defects in the home that they did not know and were found only after signing a purchase agreement. About 90 percent of the unveiled problems are related to construction and building defects in need of repairing and 10 percent are related to problems of environment.

“In Israel, the awareness for the importance of appraisals or doing professional checks prior to purchasing a home is still low,” said Zachi Bardogu, CEO of Nest Value. “Is it is absurd that people are having professional checks done before buying a second-hand car but refrain from conducting checks prior to the biggest purchase in their lives. It seems to me irresponsible that people are investing the majority of their money in the purchase of a home and after entering the apartment are discovering deficiencies which need to be repaired at a cost of tens of thousands of shekels. Early checks for defects and shortcomings will save buyers from a lot of hassle and trouble, while helping to lower the price of the home.”

According to the survey, 66 percent of all home-buyers purchase second-hand homes in Israel. Only 34 percent of second-hand home-buyers are taking up the services of inspection by an appraiser or engineer before purchase. The cost of refurbishment and repair necessary in second-hand homes following professional checks can amount to up to NIS 35,000 and more. The most common defects found in second-hand homes are problems with dampness, sealing, paint, and flooring.


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