No Regrets: A Guide to Avoiding First-Time Homebuyers’ Remorse
A lot of people get cold feet when buying a home because of the remorse stories they hear from family and friends. One tells about their mortgage woes. Another narrates the massive renovations needed for the fixer-upper. In the end, first-time homebuyers are more afraid than ever for the most significant purchase in their life.
On the one hand, this is good. It makes you more cautious handling money-related finances. On the other, it could be paralysing, leaving you in a loop of indecision. So how do you avoid getting stuck and being regretful in the end?
The Need for the Needs-List
All too often, remorse creeps in when people feel like the house they bought didn’t exactly align with their needs. They got caught up with a big, well-manicured yard that they forgot how tedious and costly in maintenance it is.
Or they’ve been so engrossed with the clever furniture staging making the space airy and big, that they overlooked the real dimensions and square footage of the property. This is the reason a list of non-negotiable house elements is essential when you’re buying a home.
It will protect you from impulsive shopping at the time of your purchase. And later on, when you move in, when the remorse would likely hit, the list will help you keep track of your choices and remind you of the rationale behind your compromises.
You’d remember that you chose this house and land here in Melbourne West that has a big yard, not only because it looks grand, but because somewhere along with your house hunting, you saw how important it is for the kids to have space where they can roam and play freely outdoors.
You’d look back on how you considered the smaller home than the one you originally intended because you wanted the extra money saved for better interior design. It’s easy to quell the remorse when you stuck to your list and look back on it after the purchase.
The Advice Filter
Another source of remorse for first-time homebuyers is the unsolicited opinions of family and friends. An aunt says your home is a good buy, but the location isn’t family-friendly. Or your best friend tells you it would have been better for your finances if you got this, instead of that property.
Actually, you’d hear these comments even way before you push through with the purchase. As soon as the news about your house hunting is out, everyone will have an opinion about your decision. But regardless, whether you hear them before or after you buy, a sobering thought you should always keep in mind is this: they are not experts.
They don’t know the market. Yes, they may have bought a few properties in the past, but they may have purchased a number of homes in the past already, but they don’t know the condition of the market now. They don’t know your finances either.
You’re the only one who knows that, and of course the lending agency. More importantly, they don’t know your goals. Your life plans. That said, when you proceed with your home search and later on, when you move into your new house, turn on the advice filter. Know which opinions matter. And then drown out the rest.
Avoiding Home Buyers’ Remorse
Regret is the last thing you want to feel when you’re going for a big purchase such as a house. If you want to avoid it, you need to keep in mind two things only: your needs and the advice that matters.