How to avoid home buyer’s remorse
We’ve all experienced it. From that dress you bought that looked great in the changing room mirror but didn’t look quite as good when you got home to that expensive espresso machine that promised the frothiest lattes but delivered flat, flavourless coffees. Or even that second hand piano you bought off eBay that is now gathering dust in the garage. Yes, we have all experienced buyer’s remorse at one point in our lives.
There are different levels of buyer’s remorse. The $200 woolen cardigan from a high end fashion shop is on the lower end, while the five bedroom family home in Kew which now has you locked into a mortgage for decades – regretting that is a whole other scale!
Yes, you loved the home when you purchased it, but you are now having those naturally occurring second thoughts and panicked questions as to whether you made the right decision to buy the property.
Here are a few tips to avoid buyer’s remorse after you’ve purchased your new home:
Take a break from realestate.com.au
Even after purchasing your dream home, there will be the temptation to get back on realestate.com.au or skim through Domain and continue to peruse home listings. Yes, you might reaffirm your decision was the right one, but there is more of a likelihood you’ll find properties that pique your interest and tickle that pesky buyer’s remorse. Stay away from property listings and unsubscribe from any real estate emails.
Remember why you bought the home in the first place
There is always a natural instinct to doubt big purchases. Especially in that period when you have signed the contract but not yet settled and moved in. You have invested hundreds of thousands and dollars or more and locked yourself into a serious mortgage. But always remember that you fell in love with the home for a reason. Write a list of all the positive aspects of the home that you love so much, and when those doubts start entering your mind, have a read of the list and remind yourself of why you bought the home.
Asking all the right questions
This sounds obvious, but the best way to avoid home buyer’s remorse is by asking the right questions before you actually purchase the property. Is the home big enough for your family? Is the location right for you in terms of amenities and school zones? Is a swimming pool or large gardens really something you want to maintain all year round? Do you like the kitchen layout? There are so many questions, both big and small. Ask them all!
Nothing is forever
Yes, buying a property can be a life changing decision, but that doesn’t mean you’re locked into the home for the rest of your life. Remember there is nothing stopping you from selling the home just months after you bought it. Who knows, depending on the market, you may even turn a profit!