Studies reveal that eight out of ten homebuyers have at least one noteworthy regret regarding their property purchase decision. Why is this? The fact is that many homebuyers get caught up in the emotional journey of buying a home and sometimes overlook certain important aspects. It is only once they have moved into their new home, and everything has settled that the reality of the situation sets in and they start to see the things they previously may have missed.
Purchasing a property is a large financial commitment, yet many base their home buying decision on only a few minutes of viewing the property. If you are not fully prepared and do not have an idea of exactly what you are looking for, it could be easy to miss something or make an incorrect decision.
Here are a few tips you can use to avoid regretting your purchase:
Stay focused
Ideally, before you start to look for a home, make a list of your needs and wants, prioritising the must-haves and noting the elements you are willing to compromise on. Don’t get distracted by the wants and remain focused on the must-haves. If the house has many of your wants but does not meet their main objectives – it is not the right house. Due to the long-term nature of homeownership, you will have to deal with your compromises for a long period. Therefore it is essential you make the right decision up front. Working with an experienced, reputable real estate professional will assist you to keep on track and find a home that meets all your criteria.
Check the finances, and then check them again
One of the main reasons that buyers regret their home purchase is unexpected costs. Calculate how much you can afford, considering all the associated costs that go along with homeownership such as council tax, insurance, service charge, maintenance and ground rent if the property is leasehold.
The bank, mortgage lender or professional financial adviser will be able to provide you with a list of costs that you can expect to pay when purchasing a home.
Having the home inspected will also give you an idea of the type of repairs that you can expect so that you can budget for this beforehand.
Don’t get caught up in a bidding war
A competitive offer from another prospective purchaser could make a home seem more attractive than it is and lead you to push up your offer. However, it is important to stay objective and keep in mind that you are trying to buy the right home – not win an auction. It is best to walk away from the deal than overpaying because of a bidding battle. Paying more for a property will mean larger deposit requirements, higher fees and thousands in additional interest on a larger mortgage. Another downside is that it will take much longer to build up any equity.
Purchasing a home is one of the largest financial investments most people will make in their lives. While finding the right home can be an emotional rollercoaster, it is important to keep things in perspective and focus on what matters to avoid any remorse.
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