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How to Avoid Buyer’s Remorse

  • 5 months ago
  • 0

Most of us want to buy our own home at some point in life and, once we’ve taken that first step on the property ladder, we think about climbing the next rung.

It’s an exciting process and it’s easy to get carried away in the pursuit of your ideal property. However, unlike an ill-fitting pair of shoes, you can’t easily return a property you’ve just bought. You might need to live with a rash decision for a number of years before you can sell and move on.

Avoiding home buyer’s remorse

Lots of homeowners experience some regret after they’ve bought and moved into a new property. Some regrets are minor – there’s a bit more DIY needed than originally thought or the under-stairs cupboard isn’t as big as you thought it was in the viewings.

Some regrets, unfortunately, are a bit bigger and a lot harder to get over than those extra trips to the hardware shop.

Here’s how to prevent buyer’s remorse setting in once you’ve unpacked all your moving boxes and put up all of your pictures.

Identify needs and wants, then keep them separate

Before you even start your property search, make lists of what you need and what you want from your new home. Remember, your needs aren’t negotiable and they’re also much more important than your wants. Make sure you keep these lists separate.

Stay focused on your needs

Always make sure that any place you think of buying ticks all the items on your “needs” list. If it also ticks a few “wants”, then that’s great, but don’t get too hung up on frills and optional extras.

You’ll be living in your new home for at least two or three years, so compromising on wants is much easier than doing without things and features that you need.

Check your finances, then check them again

You know you’ve got a decent deposit and that your mortgage payments aren’t going to be too painful, which is good news. It’s only half the battle, though, as there’s also council tax, maintenance, ground rent if your new home is leasehold and other costs such as transport if you’ve moved further out of town.

Get someone else’s opinion

Ask a builder to come and have a look at the property with you to get some idea of how much you might have to spend on renovations or improvements. If the property is fairly new, ask a friend or relative to offer their objective opinion – they might spot something you’ve overlooked.

Don’t get drawn into a bidding war

If you’re going head to head with another buyer you might be tempted to raise your offer simply so you can win. However, this can make the property seem more important and desirable than it actually is and you can lose your sense of perspective.

Your property search is about finding a nice new home, not winning a war, so think about the real-life financial impacts of a higher bid. Those increased mortgage payments will last a lot longer than that rosy glow your victory gave you!

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