Whether it’s a first home or a vacation home, purchasing a property is one of the biggest decisions most people ever make. Investing large amounts of money and making sure the property is definitely what you want means there’s a lot to think about.
We all want to avoid home buyer’s remorse. The idea of going ahead and investing, only to find that you made the wrong decision down the line is something none of us wants to experience.
This blog will outline some of the common reasons people experience home buyer's remorse alongside solutions to avoid them. These include:
- Making a Rushed Purchase
- Lack of Due Diligence
- Paying Too Much for a Property
- Too Much Outside Input
Making a Rushed Purchase
Buying a property is exciting. It’s easy to get ahead of yourself and think you’ve found your dream home in the perfect location. However, purchasing a property involves many moving parts, so you should never rush your decision.
It’s important not to panic and jump to conclusions. Just because you decide not to put an offer in immediately, it doesn’t always mean someone else will and quickly take it off your hands within minutes.
Remember, they’re probably in the same boat as you. The average home takes around 39 days to sell in the US and there are thousands of new properties being put on the market each week. Even more so in countries worldwide if you’re searching for a vacation home in an international location.
This means there are plenty of choices out there. Although it can sometimes feel like you’ve found something special and nothing will beat it, that isn’t always the case. Take your time, weigh up your options and always do your due diligence. Never feel pressured to throw in a high offer because of interest, as your research should always come first.
Lack of Due Diligence
Purchasing a property can be expensive. On top of the face value cost of the house, there will also be other expenses to factor in, such as your mortgage and estate agents fees. This means you need to take your time analyzing the numbers to stick to your budget and ensure you won’t outstretch yourself as the sale of the property progresses.
Be sure to conduct a structural survey, too. Poor quality building work can require expensive repairs and, in some cases, leave a house uninsurable and potentially unsellable.
Paying Too Much for a Property
It can be tempting to push the boat out and go over budget when you think you’ve found the property of your dreams. The excitement of finding a home combined with the pressure of not wanting to lose out means you might want to act quickly.
This can easily lead to home buyer’s remorse in the future. It’s essential to have a clear price in your head and make sure you stick to it. If the property will cost more than your budget can afford, take a step back and start widening your search area and choose what’s most important to you.
Around 52% of buyers experience home buyer’s remorse and one of the main factors comes down to money. Buying a home often comes with hidden costs. These include property taxes, homeowners' insurance, utility bills and more.
The last thing you want is to jump in too fast and buy a home, only to be left feeling like you’re struggling to afford it later down the line because you went over budget and bought into the excitement.
You can avoid this problem by mapping out a clear budget, having a clear understanding of all the costs involved and not feeling as though you have made the purchase as quickly as possible.
Too Much Outside Input
Discussing your purchase with friends and family isn’t always the best idea. Of course, they’ll only have the best intentions when they offer you their opinion, but it can sometimes make everything that little bit more complicated.
Remember, the property will be yours. You’ll live there, you’ll finance it, you’ll make a coffee every day in the kitchen when you wake up. Always go with your gut and don’t let other people's input hinder your decision.
It may have been years since they purchased their property and there’s no guarantee that they’re in touch with current prices or processes. That’s why you should always do your due diligence to have a good understanding of what you’re buying and whether it’s the right decision.
Unqualified advice can often lead to doubts in a well-researched purchase, eventually leading to buyer’s remorse. Keep the purchase between yourself and the professionals who’ll only offer calculated and unbiased opinions.
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