Real Estate Magazine recently revealed the results of a survey that indicated nearly 80 per cent of Canadians who bought a home within the last five years say they have no regrets despite rising interest rates and mortgage payments.
Of those who say they sometimes or regularly regret buying a home, the most common reason is learning that a different home or location would’ve been better.
How to Avoid Buyer’s Remorse When Purchasing a Home
With a home purchase being such a large investment, it’s normal to worry if you’re making the right decision. The good news is there are steps you can take to minimize regret and feel confident you’ve selected the right home.
Decide Your “Deal-breakers” vs. “Nice-to-Haves”
First, decide what features are absolute must-haves versus nice-to-haves. Must-haves are deal-breakers. You just can’t live without them. Nice-to-haves are things you’d like but aren’t necessities. For example, you may be absolutely committed to a certain number of bedrooms but willing to be flexible when it comes to exterior space. Distinguishing needs from wants will help you identify homes that fit your criteria.
Set a Realistic Budget
Another tip is to set a realistic budget before house hunting. Going over budget is a common reason for buyer’s remorse. Make sure you factor in not only the purchase price but other costs that come with home ownership like closing costs, property taxes, and insurance.
Do Your Research
It’s also key to thoroughly research the neighborhood, school district, commute times, etc. Many buyers regret not looking more into these things. Talk to locals to get opinions on the area. Verify school ratings if relevant. Check commute times to your workplace. This will ensure the surrounding area is a good fit for what you’re looking for.
Invest in a Home Inspection
Finally, a home inspection (even if the property seems perfect) is one of the best investments you can make. Paying a few hundred dollars for an inspection is a small price to pay for peace of mind. Inspectors will check for issues like structural problems, leaks, pest infestation, faulty wiring, and furnace problems. Their report will inform you of any needed repairs and the approximate costs.
Work with an Experienced Real Estate Agent
One of the best defenses against buyer’s remorse is having an experienced real estate professional guide you through the process. An experienced agent will have the expertise and connections to help you avoid missteps and find a home aligned with your needs.
Look for an agent who is:
– Committed to understanding your unique needs and preferences.
– Local to the area so they can clearly communicate the pros and cons of specific neighbourhoods.
– Collaborative and able to work effectively with you and with other agents.
Looking to avoid buyer’s remorse? Work with a Stilhavn REALTOR®! We are committed to offering an exceptional home buying experience. From Metro Vancouver, to Sea to Sky, to the Okanagan, we know our neighbourhoods inside out. We share our expertise with our clients – and with each other – to make sure the home they choose is the best choice for them. Let’s find the right home for you.
