Buying a home is one of the most monumental decisions you can make in life. After you have finally signed the documents and received the transfer, one would expect a new home owner to feel excitement, positivity and happiness. However, buyer's remorse is surprisingly common among home buyers across the globe.
It's common for home buyers to get caught up in the emotional journey of buying a home, causing them to overlook certain critical aspects that could end up being dealbreakers down the line. It's only once the dust has settled, and you have moved into your new home, when you begin to see the things you previously may have missed.
Adrienne Hersch, CEO of Adrienne Hersch Properties, says some of the most common buyer regrets include location, size and cost of bond repayments.
In fact, 44% of US homeowners](https://www.cnbc.com/2019/02/28/most-millennial-homeowners-have-buyers-remorse-a-new-survey-shows.html#:~:text=of%20baby%20boomers.-,Overall%2C%20about%2044%20percent%20of%20U.S.%20homeowners%20say,have%20regrets%20about%20their%20purchase.&text=%E2%80%9CConsumers%20should%20expect%20to%20set,account%20to%20cover%20these%20expenses.) have said they have regrets about their home purchase. While in the UK,[ 1 in 3 property owners search for a new home within a year of buying one.
The Adrienne Hersch Properties team outlines 5 key tips to use to avoid regrets when purchasing a home:
1. Check if construction is planned nearby
Many people purchase a home without checking whether there will be construction at a neighbouring house or in the street. Construction can cause significant noise and dust. If this is something that's going to bother you, it's important to understand whether there are any planned developments or major renovations in your area in the coming months. Obviously this is not always preventable, but if this is going to be a dealbreaker for you, it is best to have all the facts at the outset.
2. Bring in the experts
You can fall in love with the cosmetics of a house without really digging deeper - don't make that mistake! Make sure you bring in experts to examine whether there are major issues with the property like damp or structural problems. These issues can cost in the hundreds of thousands and be a significant headache. If this could be a concern in a property you are considering, it's best to bring in the experts to understand the best way forward and whether the home is still a feasible option.
3. Don't only base your decision on price
Many people obviously base their home buying decision on price. But apart from affordability, buyers need to ensure the property suits their lifestyle. Consider both your short and longer term needs and ask yourself key questions like: Am I planning on starting a family anytime soon? Do I plan to get a pet? Am I planning on downsizing in the next few years? The last thing you want to do is purchase a home, move in, only to realise you need to move again after a year or two due to lifestyle changes.
It is important to stay focused throughout the home buying process. It is so easy to want to buy the first thing we see or to want to rush the process out of pure fatigue after seeing the 20th non-viable option. When starting your home search, create a list of must-haves and stick to it. Obviously there will always be things you will have to compromise on. But ensure you don't compromise on things you will end up wanting down the line.
5. Make sure you can afford it
It is critical to ensure you are not financially overextended by the home purchase. Draft a budget and check and recheck your finances to ensure you're making the right decision. You do not want a noose around your neck for the next 20 years. Remember there are other costs associated with buying a home including transfer fees. Make sure you factor all these costs in before making your offer and signing on the dotted line.