Tips on Avoiding Home Buyer’s Remorse

A recent survey of 2,000 home buyers revealed that four out of five regretted at least one thing about their home. According to the article in CNN, the major complaint was that it simply wasn’t big enough.

Other common gripes included a lack of closet space or an inadequate number of bathrooms. Some people also found bad neighbors to be an issue, and weren’t happy with the local schools. All these complaints are enough to make a recent move a real misery, but many of these issues could have been avoided with a little bit of foresight. A typical example cited in the article was somebody who bought a fifth floor apartment at what seemed to be a really good price, but walking up and down five flights of stairs soon became old. The person who bought the apartment was only in their 20s and thought they would easily be able to cope with the status, but the reality proved quite different. They now intend to spend a year in their apartment to help recoup some of the costs involved in the moving process before finding somewhere more suitable.

Not all problems can be anticipated, for example bad neighbors, and it is also possible for conditions to change over time. Nearby properties may be developed in the future, or new roads will be built. Some people also find that personal circumstances change, and that relationships fail. This can lead them with a home that is too big for their needs. The opposite problem can arise if a single person bought a property just large enough for one and subsequently enters into a relationship.

According to the experts, the main thing to do when looking for a new home is to identify your core requirements and to stick to these when searching for a property. It can be easy to fall in love with a home that doesn’t exactly meet your needs, but adapting it to fit your criteria could prove pricey. Another common issue is being talked into a purchase by a partner or spouse, and in this case it’s best not to give in as it could cause resentment later down the line. As well as knowing your core requirements, be aware of areas you can compromise on if necessary as it’s very rarely possible to find a home that is absolutely perfect. When you do find somewhere, make sure you don’t overpay as this is one of the biggest sources of buyer’s remorse.

Allison Halliday

Allison Halliday is a Realty Biz News contributing writer. She handles International Real Estate and is a seasoned blogger.

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