How To Prevent Buyers Remorse

Eriks Draiska
Published on June 5, 2016

How To Prevent Buyers Remorse

Ever heard of home buyers remorse? It happens, but we don’t want it happening to you! So here are some ways you can be sure to avoid feeling like your big purchase was anything less than perfect.

We’ve all felt buyers remorse to a certain degree with something we’ve purchased at the shops. The difference here being you have the ability to return or even exchange what you purchased at the shop. You can’t return your home the same way you can return an appliance you recently picked up.

As with all big purchases, there may be a moment when you second guess yourself. You might have decided to go the extra mile and spend a little more than you previously anticipated. Sometimes it may be worth digging a little deeper but before you do go the extra mile be sure to think it through.

Are you just trying to win?

Do you need this home? Are there enough features to prevent you from having to remodel? If the decision to ante up and go all in is really only coming down to being competitive holdback and save that money. There will always be a property that fits your price range and your needs around the corner.

A bidding war could bring the home value up to a point where it passes its original listing price. If that happens you may be in a whole new ball game and should consider what type of impact this would have on your existing circumstances.

How many times have you seen the house? 

One of the most common factors influencing buyers remorse is how familiar you are with the home. Have you inspected it top to bottom? Have you walked through it multiple times? Make sure you’re extremely familiar and comfortable with the house before you make your purchase. Finding out new things about the house could be a good thing. However, it could also make you question your purchase.

Every walk through you do of your potential home might change the way you see it’s current features. So be sure to see it a couple of times. Being as familiar with the house as you can be will only help you be more confident in your purchase.

Have you considered the layout?

This might seem like an obvious question but you would be surprised how many home buyers move forward with a purchase without reviewing the floor plan. It’s just another way to become as familiar with your potential home as you can possibly be.

Have you been through the home alone? 

Having someone with you to essentially “pitch” the home to you every time you walk through, can skew your perception of the house. Make sure you walk through the house alone at least once so you can be alone with your thoughts. Develop your own opinion without having someone tell you how great everything is at every turn you make. Alternatively, be aware that well-meaning family and friends may be overly critical in trying to protect you. At the end, it’s your decision.

Due diligence

If you feel like a home might be too good to be true, you may or may not be right. It’s always good to query how good the home seems to be. This makes sure you are alert to a lack of possible disclosures. So, before you make your offer ask lots of questions.

If possible, double check if previous inspections have been carried out. If the seller isn’t directly asked they may not say anything about it. It’s best to discover these disclosures before you’ve purchased the house.

Read more here.

Have a safety net

One full proof way to keep yourself from experiencing buyers remorse is to have a subject-to-conditions based on a home inspection prior to your purchase. Having a specific inspection clause protects you if something unexpected comes up. Most agents are quite familiar with such a clause, so you’re certainly allowed to have it.

Having a safety net and being as thorough as possible is a great way to keep yourself from experiencing buyers remorse. However, at the end of the day just make sure you don’t sign an agreement if you’re not 100% convinced. Listen to your gut feeling.

When you are sure… go for it!

To find out more, you’re welcome to call 08 83961100 to arrange a chat with people that care.
Alternatively, Book a Free Consultation or Get Your Home Value Here.
Feel free to browse the rest of our Blog for more tips tricks and helpful info you can use.
Not sure of some of the terms & meanings used? Check our comprehensive Glossary and Abbreviations!
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Regards Eriks & Team Plaza Real Estate 

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