We tend to think that buying a home is always a positive move. However, that’s not always the case. While you can mostly call getting on the property ladder an achievement, that doesn’t mean that it always has a positive impact on a person’s life. There are many homeowners who experience what we call “buyer’s remorse.” That’s the feeling of regret that follows making a purchase. You can regret buying a dress. It’s just that that’s unlikely to cause too many sleepless nights. But you can also regret buying your home. And that will cause sleepless nights. The easiest way to handle buyer’s remorse is to prevent it in the first place.
In this blog, we’re going to look at some useful tips that’ll ensure you end up loving your new property rather than wishing you’d taken another route.
Do You Want To Buy?
First thing’s first: do you want to buy a house? Since buying a property is associated with success, there are many people who buy one just because they feel that they should. Before doing anything, it’s a good idea to think carefully about the motivation for taking the action. Are you buying a house because all your friends are buying homes? That might not be a good enough reason all on its own. The process of getting the keys to a property can be long and expensive, not to mention stressful. You’ll only make it successful if you have solid reasons to buy the house in the first place.
Figure Out Your Budget
A person might love the house that they bought. What they may not love is how much it costs them. Before you begin looking for a property, it’s a good idea to figure out what you can realistically afford to pay for your house. If you don’t have that information, then you’ll be more likely to go over budget. You can use a tool like mortgagecalculator.uk to determine what your monthly payments will be. If the figure you see seems manageable, then you’ll be unlikely to have problems. However, if that figure is a bit of a stretch, then you might want to lower the amount that you’ll spend.
And Stick To Your Budget
Of course, it’s one thing to figure out your budget. It’s another thing to stick to your budget. People have a habit of stretching the amount of money they’re willing to spend on a property if they see a home that seems perfect. But remember that while the initial infatuation you have with your home will wear away, the costs will stay. There’s value in learning the art of discipline because it can have a positive impact on all areas of your life, including the house-buying process. Once you’ve got the figure of how much you can spend, make yourself a promise that you won’t go a penny over. It won’t be worth it!
It’s not as if you’re going to be sequestered away from the world, living a distant life alone in your house. You’ll be part of the wider community. As such, it’s important to look around the neighbourhood and check that it’s a place that you’ll enjoy spending time in. This is one of those things that people tend to overlook. They think that since they have a nice house and a car that’ll take them elsewhere, the street or neighbourhood doesn’t matter. But it does. You’ll end up interacting with your neighbours and community more than you think you will. Make sure it’s a place that you can get on board with!
What You Require
When you begin looking for a house, it’s important to make a list of all the things that the property positively must have. If you don’t have a list of your ‘needs,’ then you can’t be all that surprised if you end up regretting the purchase later on. After all, you won’t have made it clear what you’re looking for. The good news about the ‘needs’ list is that they’re usually pretty obvious. You’ll have a sense of how much space you’ll need based on the number of people in your family and so forth. If you’re looking at a house and it doesn’t tick every one of your needs, then you’ll know that it’ll be best to move on to the next one.
What You Want
Of course, your home shouldn’t just be functional. It should be a place that you enjoy too. As such, it’s a good idea to make a second list in addition to your list of needs. This will be your list of ‘wants.’ These are the things that your home doesn’t necessarily need to have but which you’ll want it to have. This list can be as long as you like — it’s not as if the home you buy must have everything on the list. If the property has some of the items on the list, then you’ll be more likely to like the property, which means it’ll be less likely that you have regrets.
Work With the Experts
Unless you’ve got extensive experience in buying homes, you’ll want to work with the experts to ensure that you don’t end up buying a dud. There are a few things that would make anyone regret purchasing a home, such as spending more than it’s worth or finding out that there are major problems with the structure of the property. If you work with people who know what they’re looking for when it comes to these things, then you’ll be much less likely to end up with problems that can be difficult to undo later on down the line.
Think of the Future
You’re buying the home so that you can live in it right now, sure, but remember that the future is going to arrive at some point or another. And when it does, you’ll hope that your home is still appropriate. If your circumstances change dramatically, then you might regret the fact that you’re stuck with a house that no longer does its duty. Of course, plans change, so it’s unlikely that you’ll know exactly what your life will be like five years down the line. But if you know that you’re going to have a bunch more kids, then a two bedroom house probably won’t fit the bill.
You could love the property on its own. But if it makes your broader life more difficult, then you might end up being a little resentful. It could be that you have to drive a far distance every day just to get to work. And while that might sound ok in theory, in practice, it can be a little soul-destroying, especially if you don’t like driving. So think about accessibility and how easy you’ll find it to take care of all your daily responsibilities.
Some people end up regretting purchasing their home because they think it was going to be more than it turned out to be. A home can be a great purchase, but it’s not going to bring you everlasting joy — it can’t. Remember that there’ll always be frustrating elements of homeownership that you can avoid. Be realistic!
Give It Time
Finally, be sure to give yourself time to settle into your new home. You might have a pang of regret when you first move in, but that’ll likely go in time, once you’ve settled in and feel at home. Sometimes, a little patience can go a long way.