Posted: Thursday, November 15, 2018

How to avoid buyer’s remorse

While most people aspire to become homeowners, research has revealed that around 80% of people who have purchased a property have at least one noteworthy regret regarding their home buying decision. Staggering numbers considering buying a property is often the largest financial decision a person is likely to make in their life time. 

So why do so many people have something they regret after they buy a home? According to data compiled by an online estate agency, it takes people an average of 38 minutes to decide on the home they want to buy. Around two thirds of home buyers will view a property twice before making an offer, while some make an offer after seeing the property just once. Making a large financial decision in less time than it takes to prepare the average dinner could result in a few issues. 

It is easy to get caught up in the emotional aspect of buying a home, which could lead to you possibly overlooking certain key elements. It is often only once you have moved in and everything settles down, that you start to see things you might have previously only glossed over or missed. If you are not fully prepared and do not have an idea of exactly what you are looking for, it could be easy to miss something or make an incorrect decision.

Here are a few tips you can use to avoid regretting your purchase:

Separate the needs from the wants

Before you set out looking for the ideal property, make a list of what you need and what you want. Make the must-have a priority and note the features or aspects you are willing to compromise on. 

Keep focused

It’s important to remain focused on your must-haves and not get distracted by your wants.  A property might tick many of the boxes on your wants list, but if it does not meet your main objectives – it can’t be the right home. It is likely that you will stay in the property for at least a few years, which means dealing with your compromises for that long. It is better to rather make the right decision upfront, than have to deal with living in a home that just isn’t right. 

Look at your finances, and then check them again

Often one of the main reasons that buyers have regrets is the unexpected costs of owning a property. It is vital that you calculate what you can afford considering all costs such as council tax, insurance, service charge, maintenance and ground rent if the property is leasehold.

The bank, mortgage lender or professional financial adviser will be able to provide you with a list of costs that you can expect to pay when purchasing a home.

Get another opinion

Hire someone to have a look at the property to give you an idea of the type of repairs you may need to address and budget for beforehand. If you don’t want to hire someone, at least have a trusted friend or family member have a look at the property to give you an unbiased, objective opinion. 

Make sure you choose the right solicitor

All the legal aspects of buying a home will be handled by a solicitor or conveyancer. It is vital to choose and work with a solicitor that you trust and feel comfortable with, rather than one you have been forced into using by the agent. A good solicitor will ensure you are kept informed and will help guide you through the home buying process. The service you receive from your solicitor can make all the difference in how easy or difficult the all experience is for you, so choose carefully.

Don’t engage in a bidding war

Competition from another prospective buyer could make the property seem more attractive than it is and could lead you to put in a higher offer. However, it is important to remain focused on the main objective, which is finding the right home and not winning a contest. Rather walk away from the deal, than overpay. A higher price will mean a larger deposit, higher fees and thousands in additional interest on a larger mortgage. Another downside is that it will take much longer to build up any equity.

Buying a home is the largest financial decision that most people will make in their lives. While finding the right home will be an emotional journey, remember to keep things in perspective and focus on what matters most.

 

Looking to buy?

Looking to buy?

We'd love to help you on your journey home.
Don't miss out on on the latest properties by registering for our property alerts.

Register with us today

Read What Our
Customers Say

I can't speak more highly of the team at Homesearch. When I met Michael to discuss the sale of my home instantly from that meeting, I could tell how knowledgeable they were. From that moment until closing, everything went absolutely flawless. This experience of selling went without a hitch with them giving great tips on preparing my home for viewings. Thank you. I really appreciate all your help during this process. I highly recommend Homesearch to any person who is looking to sell their home or buy a new home.

Loretta Barrett, Seller

I started with two very well known real estates, but I hated it. I was simply another number to them and I didn't feel they were honest and transparent. With HomeSearch I felt comfortable that they were on my side and they were always available to help. The process is hard enough, so having a team who supports you can make such a difference. Highly recommend.

Arian Barvarz, Seller

The reason we chose Homesearch to sell our property was that we liked the straightforward, no-nonsense approach of both Anna and Michael. They gave an honest appraisal of our property and a clear idea of what we could expect to sell it for. In fact, the offer we accepted exceeded our expectations. The sale took longer than we would have liked, due to delays caused by the buyers' solicitor, but Michael was tenacious and must have worn his phone out keeping everyone informed of progress.

Nicola Watson, Seller

Homesearch are hands down the best agent I have ever worked with ! The team helped me in an extremely complex sale. Without the knowledge and experience of the whole team, my sale would not have completed. I dont normally write reviews, only when they are truly deserved. An exceptional team! Very kind and personable, reliable & trustworthy.

Leslie John, Seller

My experience with Homesearch is that they are professional, friendly and go above and beyond to ensure that something stressful like selling a house runs as smoothly and stress free as possible. They work hard to get the results and have kept me updated throughout the process. I honestly could not recommend them enough, they are easily the best company I’ve dealt with in the buying/selling houses field. And to top it all off, they always answer the phone in the most pleasant tone and always provide service with a smile.

Chanelle Hunte, Seller

Homesearch are PROFESSIONALS. I sold my property through Homesearch and I have not dealt with a more competent agency. Every single person  dealt with knew exactly what they were talking about and I can tell that they all have knowledge in the industry and were not just picked up from the street. From the get go I was impressed and I will certainly do business with them again.

Paul Hobbs, Seller

Many thanks Homesearch for locating professional corporate tenants for my property. I am very happy with your property management service as you always ensure that the tenants give the property back in good order at check out. Five Stars!

Maria Foran, Landlord

I have been absolutely delighted with the exceptional service I have received from Homesearch. They have removed all the stress & hassle of renting my property and dealt with all manner of situations I would have struggled with in such a professional & courteous manner. They give valuable unbiased advice with such a wealth of experience. Nothing is ever too much trouble for the staff, who are always friendly & helpful. Homesearch let and managed my property and I am very happy with their property management services, they are very knowledgeable.

Paula Carter, Landlord

Homesearch always do what they say they will do. They are efficient and raise any issues early and provide options to resolve them. Homesearch is very  easy to get hold of and talk to, no matter where I am in the world! My property is well looked after, regarding tradesmen, replacement of items swiftly etc. with the minimum of fuss.

David Connells, Landlord

From our first viewing right through to the present, Home Search were brilliant. They helped make the whole process quick and stress free and even now we are in and settled, they are still happy to assist us with any queries we may have. We couldn't recommend them highly enough.

Julie Maney

Home Search helped us move into our new flat smoothly and Tim was always happy to provide help to put our nerves at ease. Arranging a viewing was easy and Home Search were happy to open after hours for us to sign the paperwork. They were very helpful and often would offer to help! Having moved in we received a lovely card and they have always been swift in communicating with Usif we have any questions. Would recommend it.

Will Houghton

Michael and his team were simply amazing!! They helped us to find the perfect house, offering a nice and attentive service from the beginning through to the end. Thank you so much!! 5 stars service. Highly recommended!!!

Giordana Sicali

Very helpful and friendly staff. Tim, Michael and the team Made the whole renting experience easier.

Amol Sinare

I had a very difficult situation as I did not have a guarantor and my dad was earning enough but was not a homeowner. It took a about 3 weeks but Michael sorted it all out in the end and my dad became my guarantor. I got a lovely home and all the staff were very helpful including Paris, Zainab and Tim. Thank you all very much! Would recommend them to anyone

Misti Chakraborty

On behalf of myself, Noa & Niamh, we would like to start off by saying a massive thank you for the amazing service Home Search Ltd provided us with, especially highlighting the work of Clorissa. Within a week we were able to sign, seal and move into the property that we looked at, all down to Clorissa's prompt and effective work ethic, which allowed us a smooth transition from one property to another, without her, this move would not of been possible to have happened within the time stamp that it did. We are very grateful for the work that was done by Home Search Ltd, highly recommend.

Lewis Francis
How Much is Your Property Worth?

Expert Valuation

We always come armed with evidence and statistics of why we are pricing your property a certain way. We know the importance of getting the initial price of your property right, first time. With our extensive experience we will also explain current market conditions as we want to get our sellers the best price.

What's more, get a free gift with your free expert valuation with one of our experienced Valuer's.

Book a Valuation