You’ve done it before. You saw something in a store window that was way too expensive, but you decided to buy it anyways. Then, days later, you feel those pangs of regret. Buyer’s remorse is a real feeling we all experience. While feeling buyer’s remorse over something like a jacket is one thing, it’s entirely different right after you’ve purchased is a home. Spending hundreds of thousands of dollars on a purchase you regret could be a very costly mistake.
Home buyer’s remorse is very real and something you need to take into consideration when you’re looking for a new home. Unfortunately, when you’re buying a home, you don’t have the ability to test it out for a few weeks and see how you like it. So, you need to be sure when you take the plunge. You’re going to spend years in this home, make sure it’s absolutely what you want.
Buying a home in Victoria’s real estate market can be exciting, but don’t get too caught up in the excitement. To give yourself the best chance of avoiding buyer’s remorse, watch out for these pitfalls before you sign on the dotted line.
It’s Not A Competition
In competitive situations where there are multiple offers, you may feel like you need to “win”. If you’re in the process of buying a home and forced into an offer and counter-offer situation, ask yourself this question: Do you actually want this house or do you want to “win” the house from other buyers? Often in these situations, the price can become inflated and the purchase price may be well above what you intended on paying for the home. Before you commit, do your best to be sure you know this is the one.
Visit the Home Multiple Times
Don’t be that buyer that looks at a home once and makes their decision on the spot. Visit a potential home several times at different times of the day. Go back to the home in the evening to gain a different perspective of what it’s like at night. Check out the backyard during the day, and drive around the neighbourhood to get a feel for what it would be like to live there. This is the place you intend on spending many years in, so you should feel comfortable saying it’s right for you.
Inspect Every Room
Check out the rooms thoroughly each time you visit because chances are, you probably missed something the first time you saw it. Make sure you understand the floor plan and conditions of each room, including the closets. Go into the basement, attic and garage and inspect everything. You never know what you may find. You can even try parking your car in the garage to see if it fits!
Make Sure the Home is What You Set Out to Find
Looking at so many houses, you may forget what your original dream home looked like. Make sure the things on your must-have list are in the home you want. Often, buyers can get distracted by other bells and whistles that make them forget about the things they actually set out to have in their new home. Buying a home is an important decision, and luckily for you, a good REALTOR® will help keep you on track with your must-haves and not your would-likes.
There’s nothing wrong with being cautious when you’re buying a home, in fact, it’s encouraged. Pemberton Holmes is a real estate brokerage with agents located here in Victoria BC, and across the Island. Our REALTORS® understand buyer’s remorse and want to make sure you don’t regret your purchase. When you’re ready to buy your dream home, contact us so we can help you choose the right home for you and your family. Remember, we’re on your side and want you to be happy in your new home.