You’ve just gotten the keys to your first home, and you’re busily packaging your life into boxes and daydreaming about the magazine-worthy spread you’ll soon have. It’s pure elation, right up until it’s muddled with that sinking, “oh no, what have I done?” sensation.
Buyer’s remorse, a reality that is not spoken about enough in real estate, happens far more often than we would like to admit.
It’s all too easy to get swept up in the moment – especially for those fresh on the home-buyer scene. Viewing properties, imagining your life in a new home…and without the proper planning and research, you might end up buying a home that isn’t the right fit for you.
This can be avoided and our top three tips will save you from those post-purchase blues.
Budget and then go lower
Shopping too close to what you can afford might not leave enough room to actually live comfortably within your means. If you can afford to buy a home in the R1,5 million bracket consider shopping around in brackets a R100 000 less as well – you will have more money at the end of each month if you use the extra money to put into your deposit as it will result in a smaller bond repayment. This also allows you to have a little buffer for when interest rates increase and inflation hits.
If you are not stressing about bond repayments, you will have more time to enjoy your new home.
Get everything inspected
It might seem like another expense on top of an already costly process, but getting your dream home inspected by a professional home inspector will ensure that you don’t buy something that will be a money pit.
Having a licensed inspector investigate the property will uncover any problems with the foundation, pipes, electrical work, roof, or other high-priced items. If you opt out of an inspection, you run the risk of entering a home full of repairs — leading to a bout of buyer’s remorse.
Even if you are in the market for a fixer-upper, get it inspected. This way you can plan ahead for the renovations that you will need to do once you move in and it even might provide a little negotiation room with the seller if the property requires a little more renovations than you first expected.
Lists, lists, lists
While the old adage might be location, location, location, we believe in lists, lists, lists when it comes to avoiding buyer’s remorse. When buying a home, make sure you’ve got a list of your “must-haves” and “would be nice to have” features.
For instance, if you work from home, space for a home office might fall into the must-have category. Having an open-plan kitchen or a fireplace is more of a nice-to-have type of feature. You also need to keep your lifestyle needs and personal goals in mind when choosing your home – the happier you are in the neighbourhood, the more time you will want to spend exploring it and spending time at your home. Remember to have an honest conversation about where you are in your life and where you see yourself in the next five years. If your life is busy and full of traveling for work, then having a home with a huge garden will not be the right fit for you. The same goes for those looking to start a family – a city apartment is not ideal for kids and opting for a townhouse might be a better fit.
We know that finally calling yourself a home owner is such an incredible feeling, but making decisions too quickly or based on other people’s opinions will only lead to hating the space you are in. And who wants that? So if you are feeling hesitant, hold off and make your decision with a clear mind.
Article Source: https://www.myproperty.co.za/news/market-and-opinion/how-to-avoid-buyer-s-remorse-as-a-first-time-home-buyer-15-09-23
