Buying

4 Ways to Avoid these Buyer’s Remorse Mistakes

Story Highlights

  • Mistake 1 - Failing to ask for professional help
  • Mistake 2 - Forgetting about the budget
  • Mistake 3 - Going for impulse buys
  • Mistake 4 - Being indecisive

You’ve finally entered the real estate agent’s office and your pen is zooming over the document as you sign your first offer to purchase. At last the house that you have been eyeing for weeks is now within your grasp.

But instead of the excitement and the butterflies that should be floating around in your stomach, you start feeling queasy. Something is nagging you at the back of your mind.

You are on your way to achieving one of the biggest goals you have set for yourself so what could possibly be wrong?

Believe it or not, but you might be suffering from buyer’s remorse.

It’s that terrible feeling of regret that you have and the little voice in your head that is telling you that you just made the biggest mistake of your entire life.

This feeling is often associated with items that generally cost a lot of money like cars and homes. It might be the guilt of overspending or it might just be paranoia telling you everything will go wrong.

Whatever the reason, it is not uncommon as about 10% of home buyers have experienced this feeling.

Here are a few ways to avoid feeling so morbid when signing on the dotted line:

Mistake 1 – Failing to ask for professional help

We all try and test the waters by asking our friends and family for help when property hunting.

They might all have good intentions when answering your pressing questions but they are not the experts. It takes someone with real estate knowledge and experience to cast away all doubts or fears that you might have.

Take the advice that friends and family members offer you, but don’t take it to heart. Rather consult a professional that can guide you along the right path.

Mistake 2 – Forgetting about the budget

You might have sat with several people discussing your house-buying strategy, but as soon as you walk through the doors of your dream home, all rationale goes out the window.

All the calculations regarding bond repayments, rates, and taxes are forgotten. It’s almost like going Christmas shopping and forgetting what you can afford to buy your loved ones!

Don’t get too caught up the jingling of real estate bells. Remember what you want out of a house and what you are willing to pay.

You don’t want to find yourself in a home but barely surviving at the end of each month.

Mistake 3 – Going for impulse buys

It’s just another Sunday and you are driving around with your partner looking at show houses when you are absolutely bedazzled by the sheer majesty of what could be your dream home.

A few sweet words from the real estate agent and before you know it, you have signed an offer to purchase.

These impulse buys rarely work out so don’t fall for them. Stick to your plan and to the advice your agent has given you.

It might be tempting to fall for these buys when you’ve been looking for a very long time, but don’t give in to desperation.

Mistake 4 – Being indecisive

As mentioned above, having a well-thought out plan and strategy will save you in the long run when it comes to buying a house.

You need to approach the process with a clear mind and be unwilling to compromise on certain aspects that are important to you. Trust the professional that you are working with, understand what the financials indicate in terms of your affordability, and stick to what you have decided.

With this in place, you are already half-way to winning the fight against buyer’s remorse. Don’t give in!

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2 thoughts on “4 Ways to Avoid these Buyer’s Remorse Mistakes”

  1. We just signed an offer to purchase, and the estate agent didn’t tell us that the transfere fees was our responsibility. We clearly told her that our budget is 650.000. She sold us a house worth the same amount but she also added transfere cost to that amount which now costs more than our budget. I’m so devastated. Advise people to insist on reading the contract before signing.

    1. We’re so sorry to hear that, Esther!

      You’re 200% correct – agents CANNOT forget to inform interested (first-time) home buyers re: EXTRA costs of buying property! That’s roughly R40,000 on top of the R650,000 purchase price…

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