Making life easier for house buyers, report

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Philipa Skudder        Business Research and Analysis        April 2003

1.0 Introduction

It’s a commonly known fact that moving house is one of the most stressful events that most people experience in their lives. There are so many things to remember to complete, and all the small elements soon become one big headache for many long suffering house buyers. It seems incredible that an industry, which has been firmly established for centuries, is still yet to make the process any easier on its customers. All the pieces are there, but no one has set to link them all together, to make house-buying a smooth and hassle-free process. The aim of this research is to establish the needs and demands of consumers, and to discover the best possible way to reach them.

The current system of house buying is long-winded and complicated, and causes large amounts of stress to most people who endeavour to buy or sell a house. Firstly, there’s the mortgage agreement to choose, from the financial institution of choice; choosing a house to buy, and then making an offer on it; hiring a solicitor to handle all the paperwork; dealing with the estate agent and paying the deposit; then valuation surveys, homebuyer surveys and building surveys needs to be conducted; a list of fixtures and fittings needs to be obtained; a land registry search, to determine any building restrictions placed upon the property, and finally, the contracts need to be signed, money needs to be transferred, and lastly the keys to the new home can be collected from the estate agent. In order to make the whole process less stressful, it is proposed that a business be set up for the purpose of advising buyers on what to expect, what their options are as far as choosing solicitors, and representatives, and general advice as they go through the process. Obviously, there can be no replacement for financial advisors, estate agents and solicitors, as these bodies are all required by law to participate in the sale of property, however all the smaller elements, like removals and notifying providers to the current house, which generally cause the majority of problems and hassle to customers, can be arranged through this new company. There will also be an element of aftercare for the customers, which could offer house insurance quotes, DIY, repairs and maintenance services. For consumers moving long distance, it could be possible for consumers to provide the company with a specification for a house (e.g. 3 bedroom, 1 bathroom, close to public schools and public transport, located in Kent). Representatives for the company could become responsible for finding a house to fit the criteria, and take digital photos of the property, to create a virtual tour without the expense of travelling and searching themselves.

2.0 Research Question and Objectives

Consumers with demanding lifestyles may require some additional help when it comes to moving home. Although there are restrictions to advising consumers, there are ways in which a company like this can help. Some of these restrictions include the legal aspects, for which a solicitor is required, and as far as choosing a mortgage goes, it is impossible to advise anyone without being a registered independent financial advisor. The aim of this research is to discover the potential pitfalls for consumers, and how to help them overcome the stress and hassle of moving home. By finding out what causes the stress for consumers, it will be easier to develop a business, which offers services that will aim to make the process less stressful.

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3.0 Literature Review

The literature review will form the foundation on which the research will be built (Saunders et al, 2003). The author felt it to be most appropriate to conduct the majority of research using the Internet, as this is the intended medium for the proposed business. By using general and meta search engines, it has been possible to find other websites, which are operating under similar principles, i.e. to make house buying simpler and easier for consumers. It has also been possible to discover the changes being implemented by the UK Government, to make the process easier ...

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