I think we have all experienced some degree of buyers’ remorse. There have been several times when I have purchased an item and then shortly after, wondered if it was a mistake. Sometimes, if an item is purchased at a store and is unused, we can simply bring the item back with the receipt and return it. When it comes to purchasing REAL ESTATE, many buyers experience buyer’s remorse; however, a home isn’t something you can simply return if you change your mind. If you feel some buyer’s remorse when you purchase a home, you are not alone. It is estimated that 1/4 home buyers experience some degree of buyer’s remorse. Let us help to ensure you don’t experience buyer’s remorse when you purchase your home by ensuring you have prepared, done the ground work and have all the confidence and reassurances you can have to make this purchase with peace of mind.
PREPARING TO PURCHASE
Being prepared for a home purchase is paramount when it comes to the home buying process. You will want to do some ground work such as prepare a budget and meet with your bank or mortgage broker to get pre-approved.
Making a list of wants and needs will help when it comes to searching the the right home. Keeping a clear picture of what you really “need” in a home will help to maintain your focus. You will not be lead astray by homes that are outside your comfort zone or budget simply because they appeal to your wants list. It is important to remember that we all “need” to ensure we can afford our mortgage, bills and other home ownership expenses. The perfect home is one that meets your needs and is affordable!
THE GROUND WORK
You will want to work with a REALTOR who you can trust. REALTORS can provide valuable market information and will walk with you every step of the way. If you are feeling too pressured to purchase a home you may want to take a step back. You will want to view several homes before making a decision so that you begin to understand value for area and get a feel for what is priced well. We find that once our home buyers have seen a few homes and have time to digest what they have seen in their price point, it become easier to feel confident when the “right” one comes along.
CONFIDENCE AND REASSURANCE
The confidence to put pen to paper and put an offer in on a home comes once you have prepared and have done the ground work. Buying a home is a journey, it requires time and effort on both the part of the buyer and the REALTOR. The home that fits into your price point, meets your list of needs and maybe even gives you some of the items on your wants list will bring you much excitement. At this point, it’s encouraged that you see the home a second time to ensure it’s “the one”. Asking yourself “what makes this one stand out against the others” will help you solidify your decision. We have had many buyers tell us that they “couldn’t stop thinking about the home” or “they could see themselves living there”. The reassurance comes during the conditional period when you have the opportunity to have a home inspection and secure your financing. At this point you get a chance to get to know more about the home by walking through it with a home inspector and asking questions as they come up. You will also have a very clear idea of monthly payment now that the purchase price has been negotiated. You will be able to look at the budget you set in the preparation stage to ensure you are within your ideal budget. During your conditional period, you may have many questions… as they are answered, you will be able to sign your Notice of Fulfilment without doubt and look forward with great excitement to closing day when your new home becomes yours.
