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Buyer’s remorse and how to avoid it.

Shopping for a new home is time consuming and it comes with a myriad of details which makes it an emotional experience.

Some buyers get so caught up in the excitement of buying their new home that they overlook some important factors, thus making their home purchase an expensive process.

 

There are 3 general error factors to look out for:

 

  • Buying the wrong house
  • Paying too much for the house
  • Losing your dream home to another buyer

 

Here are a few tips on how to avoid these and make the most of your purchase.

List what you need and want.

This leaves you in a better position as the lists leave you with a clearer images of what will suit you best. Rely on your list to ensure the home you’ve chosen is a home you’ll be truly happy in. Go through the list of qualities that made you select this home over all the others you’ve looked at.

For example:

  • Repairs/renovations that need to be done to the home.
  • Distance from your preferred shops and locations.
  • Consider all possibilities and plan ahead.

 

Professional inspector

This is optional, but it could save you a lot of money and time in the future.  It would be best to get a professional inspector out to conduct a thorough inspection of the house.  This way, you will have an idea of what future repairs will cost you and if it’s worth buying the house.

 

Market research.

The best way to avoid buyer’s remorse is to do your research so that you minimise your doubts.

Without investigation on the market, you could lose a lot of money needlessly.  Do your homework so that you know when a seller is trying to rip you off.  Go see a realtor, they can offer you their honest view on the worth of a house, based on the market and conditions of the house and neighbourhood.

 

Title

Make sure the property you are considering is free of all obstructions before you sign any document.  A realtor should supply you with a copy of the title to guarantee that there are no liens (right to hold property), responsibilities, undisclosed proprietors, leases or easements.

 

Pre-approval

Getting pre-approved only takes a few of days.  Being financially pre-approved gives you more control and a seller is more likely to ponder an offer from a serious buyer.

Just about everyone experiences buyer’s remorse from time to time.  In the end, how you feel about a purchase comes down to affordability and your desire for the house. But, as long as you do the leg work, avoid impulse buys, and you know you’re making a purchase you can afford, go ahead and enjoy the fruits of your labour without the guilt.

 

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