Avoiding Home Buyer’s Remorse

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BY RON BARLAY 

No one wants to buy a home only to feel disappointment and sadness afterward.

Purchasing a home is an exciting process. It can be a dream come true. I work with all my clients to try to ensure there’s very little stress or anxiety during the process of buying a real estate property. In my estimation, negative feelings result when potential buyers feel they don’t fully understand some aspect of the purchase, or when they feel their ideas haven’t fully been taken into consideration.   

That is why it is very important for real estate agents to work closely with their buyers and take the time to completely understand their wants and needs.  A home purchase is the most expensive item most of us will ever buy so we need to be sure we have bought the right one.

It is a good idea, from the moment you begin considering whether to purchase a home, to make two lists; one with everything you NEED in a home and one for everything you WANT in a home.  For example, the size of your family may dictate that you NEED a three-bedroom property. On the other hand, you may WANT three bathrooms with granite countertops.

It is hopeful that your budget will allow you to purchase a home that incorporates all your wants and needs, but the needs should take priority over the wants.   

You can then consult these two lists when you are seriously contemplating the purchase of a certain home. After viewing so many homes, your original vision and list of “needs” can get lost. Sometimes it is a matter of educating yourself about what’s on the market.

So ask yourself:

Does this home meet my needs?

Will it meet my needs in ten years, if I plan on staying long term?

How is this home better than others?

Do you feel you have a good understanding of the market and what homes are available in your price range?

Going through this checklist before making a purchase decision can help buyers choose the right home. Furthermore, consider these factors when purchasing a home:

Affordability: The first consideration to be made when looking for a home is price. There is no point in looking at homes outside of your price range, but you should be aware that houses that are slightly out of your price range could be made affordable during the negotiation process. Remember to take down payment, closing costs and monthly mortgage payments into consideration when deciding whether a house is affordable for your budget.

Condition of the Home: A home that is in your price range is not necessarily affordable if it needs a lot of work. Fixes for design flaws can be put off until funds can be saved up, but step back and decide whether you would be okay with waiting it out with a pink tile bathroom or neon shag carpet. Damage that must be fixed immediately should be factored into the price of the home in order to determine whether it is affordable.

Size and Layout: No two families are exactly alike. You may feel that your four-person family needs half as much space as the average family, or you may feel more comfortable in a larger home. The number of bedrooms and bathrooms is also important and the layout of the home that you are considering should be examined. Do you want an open layout? Look at homes that offer this feature, or be prepared to take on the cost of opening up the floor plan.

Style: The design of a home can be changed, but you will need to pay for any major changes in the style of a home. Do you want a modern home that has clean design elements, or do you prefer the ornate style of the past? Pay attention to these small style features while looking at a potential purchase.

In conclusion, I want to emphasize that experienced and professional real estate agents will guide their clients through every detail of purchasing a home. I know I spend a lot of time with my clients; it is normal for buyers to have a ton of questions. It is my duty to provide my clients with all their answers. It is important to me that my clients trust me and my experience to help them make the best purchase.

If you have questions, or you are considering purchasing a Mississauga home, please contact me at 905-502-1500.  

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