Homeowners reveal worst things estate agents can say when they're buying a house05/08/2022
HOMEOWNERS have revealed the worst things estate agents can say to them when buying a house.
A study of 2,000 homeowners found 61 per cent were underprepared and left confused due to a lack of knowledge about the process.
And the research has shown that more than three in five homeowners felt they were "winging it" when they bought their property.
A whopping 62 per cent were confused by housing jargon – with terms like "conveyancing", "covenant" and "disbursement" among the most baffling phrases.
But 74 per cent of these admitted they are still unsure what some terms mean.
Solicitors were found to be the worst home-buying jargon offenders (52 per cent) followed by estate agents (28 per cent), banks (27 per cent), and mortgage brokers (27 per cent).
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The research, commissioned by saving and investing app Moneybox, found 48 per cent of confused homebuyers were left feeling anxious, hoping they’d not missed or misunderstood anything important.
As a result, 47 per cent said it contributed to feeling overwhelmed, with nearly a third embarrassed at having to ask for terms and phrases to be explained to them.
And 30 per cent were simply frustrated at having to spend time researching what was meant.
Following the findings, the brand has created a quiz to help homebuyers test their knowledge of the jargon involved.
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Cecilia Mourain, MD of Moneybox Home-buying, said: "When buying a home, many can be left feeling overwhelmed as there is so much to learn throughout the process, especially for first-time buyers.
“The language of home-buying was certainly never taught in schools and so it’s no surprise that many feel as if they are in the deep end as soon as the process gets underway.
“People shouldn't have to feel like they are ‘winging’ what is one of the most significant financial achievements in life.
“We’re committed to doing all we can to make buying a home easy, from first step to doorstep."
The study also found that when buying their first home, 47 per cent felt they had been caught out or surprised by something they now wish they had approached differently at the time.
While four in 10 now feel they were "naïve" about how long the process would take, and many said they had no idea about the order of events when buying a property.
Among those who admitted to "winging it", a third believe they were left out of pocket as a result.
Cecilia added: “While a little preparation can go a long way, we know that even the most organised people have found buying a home to be challenging at times.
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“Our free mortgage service is here to help make the process of buying a home stress-free, with a dedicated team of expert mortgage brokers and individual case managers on hand to support you throughout.”
To get to grips with the language used during the home-buying process, Moneybox has created a helpful jargon-buster glossary.
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