Buyer’s remorse may be inevitable – especially when purchasing those big-ticket items like your first home or property.
It’s human nature to think “is this the right decision?”, “have I done enough research?” and “have I thought this through?”. Did we pay too much or too little?
For first time home and property buyers, there is a lot to learn on the journey from opening that first savings account to settlement day. The process can be overwhelming and daunting as there is much to consider, some of which many of us might never think of.
This article can’t stop you regretting zebra print drapes, but it may assist you in some of the more common regrets first home and property buyers may experience.
Don’t regret buying more than you need
What seems like an obvious point – many first home and property buyers have admitted to buying a house they ultimately couldn’t afford. Why? How? Banks may approve you for a loan larger than you expected and when this happens, it’s easy to think bigger. Set a limit on what you can afford to pay back and buy within your means.
Don’t regret losing your cool by offering the asking price
How’s your poker face? Not good? Well, you need to work on that. Don’t get too excited and offer the asking price right away. There’s often room to wriggle! Common knowledge in the industry is there are always mind games at play. There’s no harm in trying to negotiate a better deal and if there are other buyers interested, just remember they’re in the same boat as you.
Don’t regret overlooking seemingly minor problems
The excitement of finding your perfect home can be blinding at times. When you feel like you’ve finally found “the one”, it’s easy to put blinkers on and overlook minor problems – which, in turn, can become bigger problems down the line. Be sure to get a building inspection and attend if you can. Have a tradie in the family? Ask if you can bring them over too. That leaky tap, those rusting pipes, that dodgy garage door might seem insignificant when the entertaining area is that big, but those minor problems can sometimes be masking bigger issues which could cost you a lot of money down the line.
Don’t regret considering commute times
Buying a home or property where you’re going to live for the foreseeable future requires much consideration. Don’t regret doing your geographical research. Is there easy access to public transport? How long will it take you to get to work from here? You don’t want to move in and when it comes to getting to work realise it’s going to be trains, planes and automobiles. This could add a lot of stress and alter your lifestyle.
Don’t regret to look into the future
We aren’t suggesting you see a psychic – we just want you to consider future developments in your area where you might buy or even build. That view adds resale value until your neighbours build a monstrosity extension and block it. It’s a hard one, we know. It’s always peace of mind to do your research, speak to the local council, and consider how your area might look in the next 10 or so years.
Don’t regret not shopping around for the best deal!
There are so many mortgage products on the market for all types of consumers. By meeting with a mortgage broker, you’re giving yourself access to a broad range of lenders and good brokers are well practised in finding a deal to suit your personal and financial needs. Navigating the nuances of lenders’ credit policies can be overwhelming – having a broker on your side can help you find the right loan for your circumstances.
