How to avoid buyer’s remorse

27 July 2021 | Life Style

Buying a home is a long-term financial commitment, yet many buyers make their decision to purchase a home based on only a few minutes spent viewing the property in person. If buyers are not fully prepared before stepping into a property, it can be easy for them to overlook an important aspect or to make an incorrect decision.
To help ensure that buyers make the right investment, RE/MAX of Southern Africa provides a few tips on how to be fully prepared before submitting an offer to purchase.

• Do not allow ‘wants’ to outweigh ‘needs’
Before looking for a home, make a list of your needs and wants. Be clear on prioritising the must-haves over the “nice-to-haves”. When viewing a property, avoid becoming distracted by desirable features that are not on the must-have list. If the house has many of your wants but does not meet your main objectives, then it is not the right house. Purchasing a property is a long-term commitment. This means that buyers will have to deal with their compromises for a long time if they choose a house that does not meet their main criteria. It is often better to sleep on the decision before acting in haste and regretting the purchase later.

• Take the time to do a thorough inspection
Homeowners tend to have regrets about their purchase if they have not spent enough time thoroughly inspecting the home beforehand. Before submitting an offer to purchase, book an appointment to have a second walk-through of the property. This time, take a notebook and pen as well as a measuring tape with you. Check that your furniture will fit into the new space and if not, then make allowance in your budget to purchase new furniture. Open all cupboards and drawers and carefully inspect every corner of the home to get a full picture of what needs to be updated or repaired. Having the home inspected by a professional will also provide an idea of what will need to be repaired in the near future so that this can be budgeted for beforehand.

• Check your finances, and then check them again
One of the leading causes of buyer’s remorse is not being able to keep up with the costs of owning the home. Buyers need to calculate how much they can truly afford, taking into account that interest rates fluctuate and making room for all the associated costs that go along with homeownership, such as homeowner’s insurance and maintenance. A bond origination company or a professional financial adviser will be able to provide potential buyers with a list of costs that they can expect to pay when purchasing a home.

“Buying a home is one of the biggest purchases you will ever make. While finding the right home can be an emotional rollercoaster, it is important to keep things in perspective and focus on what matters to avoid any remorse,” concludes Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett.

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