How to avoid home buyer’s remorse

How to avoid home buyer’s remorse

We’ve all felt a pang of buyer’s remorse before: maybe you bought a shirt that looked great in the store, but wasn’t so awesome once you got it home. Maybe you bought a kitchen mixer that stopped working after a couple months. Those things are usually relatively easy to return, so you don’t live with the decision for long, but it’s not like you can just return your house!


Here’s how to prevent buyer’s remorse before you purchase a home and how to get rid of the feeling after you’re moved in.


Choose a great real estate agent


Finding an excellent realtor is the best first step you can take to preventing buyer’s remorse. A great real estate agent will immediately be able to manage your expectations and offer expert advice on how to find the perfect home for your needs and lifestyle.


The best real estate agent for you will be able to help your stretch your budget to get you the home you want, while helping you avoid those properties that just aren’t for you.


A realtor’s knowledge of specific neighbourhoods may also help you avoid pitfalls, such as possible shifting in the foundation, high property taxes, yearly flooding, or other undesirable qualities in the home itself.


Don’t rush the home buying process


As best you can, give yourself plenty of time to search for your home. If you have to be out of your apartment in July, start searching in March. If you already own a home, try to buy and sell simultaneously.


This can often prove difficult, but if you happen to sell before you buy, you can try to push out the possession date to accommodate your search. Do all that you can to allow yourself enough time to make a sound decision on a new home.


Make a list of your wants vs. your needs


This is a great way to set yourself up for home buying success. You may really want a gourmet kitchen with granite countertops and a six-burner stove, but do you really need one? If it’s within your budget, it’d be nice to have, but don’t overshoot.


Look at how many bedrooms you really need, whether or not a home is large enough to fit your growing family, and whether or not its configuration makes sense for your daily life. Once all that’s covered, then you can look at some “nice-to-haves,” so long as they fit within your budget.


Don’t settle if it doesn’t feel right


Whether you’re under a tight deadline or your budget is limited, it’s best not to make an offer on a home that you don’t truly want to live in. The old saying is true — go with your gut.


If you find yourself in a property that doesn’t feel like a home or perhaps has one too many things you’ll need to fix, then simply don’t buy it.


Don’t try to make the home something it’s not out of convenience or pressure.


Metre your expectations according to your budget


Thoroughly research the local housing market before you settle on your budget. Depending on where you live, you may find that what you thought you could get for, say, $250,000, really costs something like $400,000.


This is where a mortgage pre-approval comes in particularly handy. Getting pre-approved will show you exactly where your budget lies, immediately letting you know what sort of home you can afford in your city.


Just because your “dream home” doesn’t fit your financial situation doesn’t mean you’ll never have it. Try and visualize what the home could be. If that seems attainable in a time frame that works for you, then your dream home may be just a new kitchen and an additional bathroom away.


Remember why you bought the home in the first place


If you find yourself fully moved in and looking around your home feeling like you shouldn’t be there, take the time to remember all the reasons you moved in in the first place. If you followed all of the above recommendations, then surely you bought the home for a reason.


Maybe it still just needs a few drywall repairs you haven’t got to yet. Maybe you’re only halfway finished the kitchen reno, but had to stop for financial reasons. Whatever it is, take the time to appreciate the great things about your home that you fell in love with when you made your offer.


Need help finding a home?


Call or text Gino Cipriano today at 204-955-5853 to start your home buying journey. His thorough knowledge of Winnipeg and comfortable approach will give you peace of mind knowing you’ll end up in a home that’s perfect for you and your family.