How to avoid home buyer’s remorse. No doubt everyone has experienced it in one way or another. Even the more experienced property investors feel it on some purchases. It can even come to you when buying a car, a new tennis racquet, a dress or paying for some accommodation.
There are different levels of buyer’s remorse. Purchasing a $300 tennis racquet would be seen as a lower scaled level of buyer’s remorse as its likely you can comfortably cover the cost without too much strain on your livelihood. If you plan to purchase an investment property valued at $650,000, this would be viewed to be on the higher scaled level of buyer’s remorse. The fact you need to borrow a large sum of money requires a large commitment to repay it, the strain on your livelihood would be much higher. It requires your attention each month and would reduce your cash flow.
You will be incredibly satisfied and proud of your property investment, but at first, you may encounter second thoughts and stress a little on the risks rather than the rewards.
Here are a few ways to avoid the feelings of buyer’s remorse:
Don’t read into everything you see on the internet
We all have great access to the internet. The world wide web has an abundance of content. Some of it is very useful, but some of it can be quite inaccurate. More importantly, the information doesn’t take into account your personal circumstances. By implementing idea you read online can sometimes make matter for you worse off.
Buying property online can also be very confusing. Realestate.com and Domain are known as sales platforms, but buying a property without advice or guidance will place you solely responsible. Seeking advice from a buyer’s advocate will help relieve the feeling of buyer’s remorse and ensure you buy the right property.
Remember why you are buying
Spending a large sum of money will place some doubt within your decision. No one wants to lose their hard earned money.
Always remember why you are buying and how much you are spending. Don’t deviate from your goals, objectives and budget.
Once you have signed the contract write down a list of thing that appealed to you. Regardless if it’s a home to occupy or invest in. Acknowledging the positives will dramatically reduce the feeling of buyer’s remorse.
Don’t be shy, ask questions
This might be super obvious, but many buyers don’t ask the right questions or enough for that matter. Obtaining answers about the property will help you understand and appreciate the opportunity. If you are aware of the advantages and disadvantages this will settle your nerves and allow you to weigh up if it’s right for you. It’s likely one of the most effective ways to reduce the feeling of buyer’s remorse. Some questions that are helpful are:
- How old is the property?
- How much are the council and water rates?
- Are the windows double glazed?
- Is the property within a school zone?
- What is the price?
These are just a few examples. You’ll be surprised how much information you can gain from asking what may seem simple questions. The more information you have, the more decisive you’ll be and the less likely of feeling buyer’s remorse.
A property can be bought and sold
What do we mean by property can be bought and sold? Many intend to buy a property and hold long term. This is often the case, but there are many reasons why someone may sell it earlier. One of those may be that the property or its location isn’t what you thought it was. I’m glad to inform you that buying a property can be sold. If it isn’t performing the way you expected or you don’t like the local community, you can place it back on the market and buy somewhere else. Knowing the fact you can sell it at any time will relieve the stress and buyer’s remorse.
In summary – What should I do to reduce my feelings of buyer’s remorse?
Buying property is a rewarding experience. Before buying, do your due diligence or seek advice from someone. At Crest Property Investments we source brand new and off the plan properties for both investors and owner occupiers. If you’d like to learn more about buying we would welcome the opportunity to support you through your buying journey. It is in our best interest to source something that suits your requirements and budget. Having this support will most definitely relieve you from buyer’s remorse.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more please contact us. We welcome the opportunity to assist you.
January 2021
