Did you know that nearly three-quarters of home buyers in the UK who purchased property during the pandemic now regret this? Regretting buying a home can often put you under a lot of stress, especially if you paid a higher price than you wanted or were expecting to and are now facing the issue of not only disliking the home you bought but being unable to sell it in the current climate.
Buying a property should never be done on a whim, and you should always think carefully about what you are doing and let your head guide you through massive financial decisions that will have a considerable impact on your life.
Read on to see how to avoid buyer’s remorse when purchasing a property.
Take Your Time
Never feel like you’re being rushed into making an offer because other people are looking at the property too. If possible, arrange a second viewing where you can really look at the property, especially at a different time of day or in various weather conditions. The market might be moving quickly, but reacting to other buyers’ decisions can lead to you making bad choices.
Take Someone Else With You
Take another person whom you trust with you for your viewing(s). They can help you see things rationally and give you a second opinion or think of things you might be overlooking. A fresh pair of eyes can often be a game-changer if you’re struggling to make up your mind, and talking it over with someone impartial can allow you to really understand what you are doing.
Non-Negotiables
Have a list of non-negotiables and ensure the property meets them all or as many as possible. Can you compromise at all, and what would making a compromise mean? Remember, you can change anything about a house except its location, so this needs to be a priority. If you cannot reasonably make it work without significant sacrifices, then your decision should be to walk away.
Surveys
You should always get as comprehensive a home survey as possible and then look into any issues this throws up so you know exactly what you are letting yourself in for. While some repairs come with the territory and down to wear and tear or age, such as outdated electrics, they can also come with hefty costs to rectify. If the property needs some work, consider additional specialist roof surveys or structural surveys to give you a better idea of the condition of different parts of the property before deciding. Remember, if at any time you change your mind, you can pull out of the deal if something isn’t right.
Trust Your Gut
Lastly, you need to trust your first instincts. The house might be perfect, but if one thing doesn’t feel right, trust why you feel this way. There is likely something tagging at you to help bring your attention to something, even if you can’t pinpoint it. The same goes for deciding based on cost and practicality over how much you love a place. You need to like where you live, so making a decision based on practical aspects, not your feelings, can also be a bad idea.