Leave no room for buyer’s remorse
You can return most things you buy if you discover that they don’t fit or don’t work, but if you buy the wrong home, the chances are that you’ll be stuck with it for several years – or have to pay quite a price to correct your mistake.
Richard Gray, CEO of Harcourts Real Estate, says there are some tried-and-tested preventatives for what is known in the real estate industry as “buyer’s remorse”.
“You really shouldn’t buy the first house you see. You need to feel sure that the home you’re buying is good value and will meet your needs at this time of your life.
He says reasons that buyers may suffer remorse include not liking the new neighbours, finding that their new home is too small, finding that their new home requires more work than they expected and finding that their bond payments put them under financial strain. Harcourts has the following advice for prospective buyers: • Think very carefully about what you need from a prop- erty, and may need five or 10 years from now. • Double-check your finances to make sure you can comfortably afford the bond payment and the other ongoing costs of homeownership. • Research the area in which you are thinking of buying. • Visit the home you are thinking of buying at different times of the day and on different days of the week. • Stay focused on your priorities. – Copy supplied by Harcourts