Have you recently bought a property and are starting to regret things a bit? Maybe you haven’t made the big purchase yet but are worried if it might be the right choice for you. Either way, you’re in the right place.
In this article we’re going to look at buyer’s remorse in the property market. What is it, and what can you do about it?
One of the best ways to prevent buyer’s remorse is by taking a more methodical and conservative approach to buying a property in the first place. If it’s too late for that and you want to know how to fix the buyer’s remorse you’ve already got, then we’ll look at tips for that, too.
Maybe you spent too much on your mortgage? The folk at Moneyexpert.com mortgages can help here.
Firstly, what Is Home Buyer’s Remorse?
You can probably work this out for yourself, but home buyer’s remorse is when you buy a house and then regret it. It’s as simple as that.
Maybe the home you moved into doesn’t feel as great when you move in. In our case, we have a property that just feels dark. The living room is set at the front of the house and it just lacks light. It’s like it’s not in a good position to get enough sunlight. It always feels gloomy.
Maybe the area isn’t as nice as you thought it was. Maybe the home needs a lot more work than you think. Maybe you’ve found structural issues or other problems with your home.
Maybe it’s a combination of some or all of these factors. These are the sorts of things that lead to buyer’s remorse.
How Can You Avoid It?
The best way to avoid buyer’s remorse is to make the right decisions BEFORE the purchase. Always be prepared to walk away from a sale if things don’t feel right. While it’s understandable that there’s a lot of pressure in the property-buying process, you should never feel pressured into buying a property you aren’t happy with.
You simply don’t want to invest in such a big way and be unhappy about it.
Compromises are always needed when buying a property, or everyone would live in their dream home. But don’t compromise too much. There’s a difference between a compromise you’re happy with and one that might lead to buyer’s remorse. So how can you avoid it?
- Don’t Rush Into A Purchase
Take things slowly, even if the realtor is trying to move things along quickly. While some property owners might be looking for a quick sale, don’t be forced into one if you aren’t completely sure about the property.
- Do Plenty Of Research
Make sure you’ve researched everything about the property you’re looking to buy and also the area. Look at crime rates, talk to neighbours, have a look at schools and transport links. Make sure nothing is left as a surprise about both your property and the area.
- Visit Multiple Times
Don’t buy a house after only visiting it once. Visit it multiple times, in different weather conditions. And when you’re in a different mood. All of these things can make a difference to how you view a house, and if you only visit it once, you won’t really know if it’s for you.
- Get A Lawyer and Survey
To make sure there aren’t any major legal issues with land ownership or structural problems that could lead to buyer’s remorse, make sure you get a lawyer and a full survey of the house.
Make Changes After Your Purchase
If you think you’ve made a mistake after already buying a house, there are still some things you can do to help get rid of buyer’s remorse.
- Try decorating a few key rooms
- or even treating yourself to a new kitchen or bathroom.
- If you can afford it, you could even consider an extension. All of these things could help you start to love your new home.
Have you had buyer’s remorse on a property you bought? What did you do to fix it? We are really curious to know and this will also help other readers.
Let us know in the comments section below.