For many people, finally getting the keys to their new home is a moment they’ll never forget for all the right reasons. However, while for the most part people are happy with their purchase and always are, a not-insignificant percentage of property buyers end up regretting their purchase.
It’s called “buyer’s remorse,” and it’s a thing that all people thinking about entering the real estate game need to think about! Below, we take a look at eleven tips that’ll guide you away from being one of the lucky ones who make a big, and costly, mistake.
How To Avoid Property Buyer’s Remorse – 11 Tips You Need To Know
Buying a house is a HUGE investment. Don’t regret a single dime. Here’s how to love the house you live in and avoid buyer’s remorse BEFORE you buy.
Make a List of Needs
When it comes to looking for a property, you should be making a list of two things, as suggested by The Property Buying Company: first, the things you WANT your property to have; and second, the things you NEED it to have. The want list are bonuses – they’d be nice to have, but if you don’t, then no worries. The needs column is much more important. These are things that will make or break how happy you feel with your home. And of course, it’s these things – or the lack of them – which may cause you to have buyer’s remorse later on down the line. You can make compromises when it comes to the desirable aspects of your home, but the needs are not up for negotiation. Make sure they’re there!
Stick to your Budget!
Now, you don’t need us to tell you that buying a house is a big financial commitment. But how big? That’s up to you. Before you begin your search, you should establish a budget.
This will be the amount of money you have to work with, no matter what happens! It’s tempting to agree – in your mind – to spend a little bit more should you find the perfect property, but this should be resisted at all costs.
The novelty of the house will wear off eventually, but you’ll be stuck paying the high monthly payments for years and years to come. So the “remorse” part of it might take some time to settle in…but you will feel it eventually.
Visit Multiple Times
It’s oh so tempting to fall in love with a property at first glance. Indeed, a higher percentage of people than you might think end up putting in offers on homes that they’ve only visited one time, but to do this is to play a dangerous game.
For starters, your initially viewing might be influenced by any number of things – a shining sun, for example, or an overly good mood, or something else that has less to do with the house, more to do with your state of mind.
There are no downsides whatsoever to visiting a property multiple times, and at different times of the day. You might get lucky by visiting your future home only once, but why take the chance when you don’t have to?
Check the Neighborhood
The property that you’ll be buying forms only a small part of your satisfaction with your purchase, or at least that’s the case in most cases. Unless you’re living out in nature, far away from other people, then you’re going to highly influenced by the neighborhood in which the property lies.
You could have the most adorable property ever, but if you suddenly dislike life when you look out the window or step out of the front door, then your enjoyment will be seriously compromised. Equally, a less than stellar home can be elevated by being in a neighbourhood that you love. There’s a reason why people in Manhattan agree to buy relatively cramped apartments, after all.
Work With The Experts
You can have something of an understanding about what you’re looking for, the buying process, and so on, but really, you’re not going to know everything – and what you don’t know could lead you in the wrong direction.
As such, it’s important that you’re working with professionals such as a real estate agent and a property surveyor; there are a lot of things that could go wrong during the buying process and beyond, but if you’ve got people who know best on your side, then you’ll be less likely to make a fundamental mistake!
Tune Out Friendly Advice
Everybody wants to help, and everybody thinks that they know best. While it’s fine to listen to the advice that your friends and family members are all too willing to volunteer, keep in mind that it’s not they who will be living there, and it won’t be their money who’s paying for the property either.
Make sure everything to do with the property is based on your own decisions – if you don’t, then you’ll only have yourself to blame if you later regret your decision. This is all good advice for life, incidentally.
Factor in the Commute
There’s a harsh reality about homes. We spend a lot of money on it, but we don’t spend the majority of our time there. We all need to work long hours in order to afford those homes, after all!
As such, it’s important that you factor in the commute time. How is it? If it’s going to take you an hour and a half to drive there and then the same back, then you might want to reconsider whether the property is right for you, no matter how nice it might be. You won’t enjoy your property anywhere near as much you should if you’re always too tired from driving home after a long day of work.
Ten Year Plan
You’re buying the home right now, but you’re not really buying it FOR right now. It’d be crazy to commit to such a huge amount of money to something that you can only realistically use for a limited time.
As such, when it comes to buying a property it’s imperative that you’re thinking about your long-term ambitions. Where will you be in one, five, or ten years down the line, and will the house you’re looking at fit in with that plan?
When You Find It, Stop Looking
If you’ve found the property that you’re going to put an offer in to buy, stop looking at other properties. Because here’s what’ll happen: you’ll get “bored” of the house you’ve offered to buy, simply because it’s not new, and will be feeding the “excitement” train by looking at other properties.
If you’re still looking at other properties, then it’s possible that you’re not as committed as you thought you were. No good can come from casting your eye further afield!
Yes, it can be tiring to always be looking at homes to buy. But this is not of those things where you should just pick something because you want to get on with your life.
Whatever you do, don’t settle! If you haven’t found the home that’s right for you, then have a bit of patience. It’ll come eventually, and you’ll be able to avoid buyer’s remorse.
Leave Emotion Out Of It…Mostly
It’s normally OK to be guided by emotion, but home buying is not one of those things. Put on your logical cap when it comes to deciding which home is right for you – during stressful moments, it’ll be a much better guide. Who knows what you’ll end up with if you let your heart do all the work!
If you’re smart about the process, then you should be able to avoid buyer’s remorse. If you do suffer from it, take steps to improve your home – not all is lost!