Tips to pre­vent buyer’s re­morse

Lesotho Times - - Property -

Buy­ing a home is one of the big­gest de­ci­sions you will ever make, and it’s per­fectly nat­u­ral to feel anx­ious once the deal is done. For many buy­ers, how­ever, those post-sale jit­ters are just the be­gin­ning of a much big­ger prob­lem, and can quickly spi­ral into full-blown buyer’s re­morse.

Ac­cord­ing to Bill Raw­son, Chair­man of the Raw­son Prop­erty group, buyer’s re­morse is a real prob­lem in the prop­erty in­dus­try. He says there are stud­ies that show as many as a quar­ter of all Amer­i­can home­own­ers re­gret the pur­chase of their homes, and he wouldn’t be sur­prised to see sim­i­lar sta­tis­tics in other coun­tries around the world

Raw­son says the tragedy of the sit­u­a­tion is that home buyer’s re­morse is avoid­able. He says the root of the prob­lem is that many prop­erty buy­ers are mak­ing their de­ci­sions im­pul­sively these days.

There are plenty of rea­sons why this hap­pens, says Raw­son: com­pet­i­tive mar­kets, fast-paced sales en­vi­ron­ments, so­cial pres­sures - but the end re­sult is in­evitably a pur­chase that hasn’t been prop­erly vet­ted, and may not be what it seemed at first glance.

So how does one en­sure that a pur­chase ends hap­pily, rather than steeped in re­gret? Raw­son tips:

Con­sider your per­sonal cir­cum

stances Raw­son says the first thing any prospec­tive buyer should do is take a good look at their per­sonal cir­cum­stances - with an eye not only on the present, but also the next five to ten years.

“Buy­ing a home is a long-term com­mit­ment, and you need to be sure the prop­erty you choose will be able to ac­com­mo­date po­ten­tial life­style changes,” he says.

“Things like get­ting mar­ried, start­ing a family or chang­ing jobs can af­fect what you need from a home, so it’s im­por­tant to con­sider not only where you are now, but also where you hope to be in the fu­ture.”

LOOK AT YOUR FI­NANCES Once they have a good idea of what they want from a prop­erty, Raw­son says home­own­ers should look into how much they can af­ford to spend. He says if your bud­get won’t get you any­where near the kind of home you’re hop­ing for, it might be bet­ter to wait a while and rent un­til your gives some cir­cum­stances change.

you do need to be re­al­is­tic, of course - no­body gets a foot on the lad­der by aim­ing for the top rung, but set­tling for a prop­erty that you’ll out­grow in a year or two is a recipe for re­gret, he says.

Raw­son says he also rec­om­mends erring on the side of over- rather than un­der-bud­get­ing for a pur­chase.

“never buy at the max­i­mum of your spend­ing abil­ity - you can’t pre­dict how in­ter­est rates will change over time, and find­ing your­self un­able to af­ford your bond re­pay­ments will tar­nish the shine on any new home,” he says.

you’ll also want to be sure you can af­ford the on­go­ing costs of home main­te­nance and un­ex­pected re­pairs - no­body en­joys watch­ing their dream home go to rack and ruin be­cause they can’t af­ford its up­keep, he says. Choose the right

lo­ca­tion Of course, Raw­son says know­ing what you want and what you can af­ford is only half the bat­tle. Find­ing the right home in the right neigh­bour­hood is just as im­por­tant if you’re go­ing to avoid mak­ing a pur­chase you re­gret. “i al­ways sug­gest buy­ers work with an es­tate agent to find a home,” he says.

“The ben­e­fits of this are twofold: firstly, many of the best prop­er­ties sell be­fore they are ever pub­licly ad­ver­tised, and you’ll only hear about them if you have an agent look­ing out for you, and se­condly, a good agent will be able to give you much more ad­vice and neigh­bour­hood in­for­ma­tion than you could find your own.”

Raw­son says buy­ers should not dis­count the im­por­tance of get­ting to know a neigh­bour­hood be­fore mak­ing the de­ci­sion to buy. He says peo­ple put a huge em­pha­sis on the am­biance and ameni­ties of the prop­erty it­self, but of­ten for­get to pay at­ten­tion to what’s around it.

noisy neigh­bours, busy roads, a lack of parks, schools, shops or en­ter­tain­ment can all de­tract from your abil­ity to en­joy your prop­erty, no mat­ter how won­der­ful the house it­self might be.

Raw­son sug­gests do­ing sev­eral drive-throughs of any po­ten­tial neigh­bour­hood, at var­i­ous times of the day to get a re­al­is­tic idea of the true char­ac­ter of the area and avoid nasty sur­prises once you move in.

Get a home in­spec­tion Speak­ing of nasty sur­prises, Raw­son also stresses the im­por­tance of a pro­fes­sional home in­spec­tion.

“When a prop­erty is un­der mul­ti­ple of­fers, buy­ers can be tempted to forgo a home in­spec­tion to im­prove their chances of win­ning the bid. This is, quite sim­ply, ask­ing for dis­as­ter - un­ex­pected de­fects is one of the most com­mon causes of buy­ers’ re­morse.”

Raw­son says the most im­por­tant thing to re­mem­ber is that a happy buyer is an in­formed buyer.

“By know­ing ex­actly what you want, what you need, what you can af­ford and what you’re get­ting, you should never have to worry about buyer’s re­morse,” he says. — Prop­erty24

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