How to avoid experiencing buyer's remorse after buying a new home
Buyers remorse. A feeling of regret or anxiety after making a purchase. Often felt after spending money on something that you later feel wasn't worth it. Clothing bought in a sale because it was perceived to be a bargain when, in reality, you probably didn't really need or indeed want to buy it. You might not have even given it a second thought if
Buyer's remorse is most often related to the realisation that the item you bought might not have been worth the price that you paid. When relating this to purchasing a new home for you and your family, it is possible that you may have rushed into the purchase. When you finally get the keys, when there's no turning back, you are faced with the realisation that the property might not be as good as you remembered it.
But why do we get these feelings? Particularly when buying a home, the process is filled with excitement and anticipation, plans for the future and dreams about the happy times that are yet to come. So how can we regret the purchase that we jumped through so many hoops to make? Months of paperwork, meetings, phone calls and updates, forms to fill out and documents to send. Finances and statements, surveys and reports. Only to get to the final stage and, when the process is complete, you have feelings of regret.
Is it possible that we build it up in our minds so much that when the time comes, and we actually own the property, we realise it is not as good as our rose-tinted glasses led us to believe? Perhaps some of the reasons that we can feel buyer's remorse after completing on a house purchase are
- Overspending - maybe you got caught up in a bidding war with another buyer, and the desire to win overtook the sensible budget?
- Didn't check the property out properly before buying - if you opted for a simple property valuation rather than a full survey, you might get a nasty shock when there are unexpected problems with the property.
- Didn't thoroughly research the location for things such as schools, transport and amenities. If you have to drive further than you would like for basic things or the traffic in the area is particularly busy, you could waste lots more time driving around than you might like.
So before you change your mind about buying a new property altogether, follow these tips to ensure that completion day for your move is the most exciting day possible and you feel nothing but joy and elation at your new home.
- Make a list of needs and wants - decide in advance what you will, if anything, compromise on
- Set a budget, and stick to it! Don't get carried away when making offers.
- Employ experts and specialists to thoroughly check out the property before committing to the purchase.
- Future proof - will the property be fit for purpose in a year? Or 5 years?
- If you are considering a property for refurbishment, make sure you know what you are letting yourself in for with detailed survey reports, professional opinions, and quotes.
- In that same vein, you must also ensure your plans are possible. There is nothing worse than planning a substantial modern extension, only to discover later that the planning permission is not likely to ever be granted. Double-check that your plans are viable before you complete.
Buying a new home should be a wonderful experience, and when you get your keys, you should be over the moon, not feeling that after months of work and thousands of pounds invested into the project, you may have made a huge mistake.
If you are planning a move, get in touch with our team of property experts to ensure that you buy wisely and don't live to regret it later down the line.
