5 ways to prevent homebuyer remorse

house keyBuying a new home can be one of life’s biggest milestones and it comes with a lot of emotions, some of which could include stress, excitement and when all the dust has settled sometimes there can be some regret too.

It’s not uncommon for buyers to feel remorse after making such as huge purchase, wishing that they done something differently or waited around for a better deal.

But while these feelings are common and often subside over time, there are some steps you can take to ensure that buying your next home is the exciting experience you hoped for and that there are no unexpected problems along the way:

  1. Don’t overstretch your budget

It’s important to know your financial limits before making a large purchase like a house, because not only will you need to pay off your mortgage repayments every month but you will also need to pay for things like rates and insurance. It’s also a good idea to have a financial buffer in case there are any unexpected problems with the property that require repairing or maintenance.

  1. Carefully consider the location

Take the time getting to know an area before making a purchase, particularly if you have never lived there before. You might want to look into things such as schools, transport and local amenities. It’s also worth researching future developments in the area as this might affect your enjoyment of the property and the property’s resale value.

  1. Take your time at open homes

When you’re at a busy open home you might feel rushed as you go through each room and not really pay attention to all the ins and outs of the property. But try not to worry about what others are doing at an open home and take your time in every room and have a chat to the selling agent about the property too. You might also like to have a chat to your potential future neighbours and ask them about the area and what it’s like to live there.

  1. Determine what you need from a property

People normally get remorse when their purchase doesn’t match up with what they actually need to get out of their property. Sometimes people can fall in love with the way a home looks, or its convenient location near their favourite coffee shop, while forgetting about the practicalities of the house. So, you need to decide exactly what you need from a property and not compromise from those factors – whether it’s a certain number of bedrooms, proximity to work or garage space etc.

  1. Get professional inspections

Protect yourself from unexpected surprises by getting building and pest inspections done. Professional building and pest inspectors can pick up on problems that you might not have noticed and can save you from making a very costly mistake.

If you would like any further advice about buying in the Bacchus Marsh area then feel free to get in touch with the Arbee Real Estate team.