Buyer’s remorse is a real thing, especially when it comes to large purchases. One of the largest purchases people make in their lifetime is a home. In the highly hot and competitive housing marketing Toronto currently has, many homeowners end up buying homes that leave this with this feeling. Either they went far over budget or sacrificed too many things on their wish list.
Then there are the concerns and regrets that plague everyone, no matter where they buy. You worry about future income, space, market trends, and future resale value. All of these things should be on your mind, but if you follow these tips we promise you won’t be faced with the crippling dread of buyers regret.
1. Be Prepared
Get to know the real estate market and environment before you even start looking. This helps you prepare for what is ahead. Look at common list prices but also what the houses actually sell for. It’s a good idea to read up on the buying process, home mortgages, and other financing info.
2. Find the Right Agent
Having the right person by your side during the buying process can make all the difference. The right real estate agent will be your ally through the stressful mess. They will negotiate pricing, point out things you might have missed in the house, and guide you through the purchasing process. Real estate agents are also great resources for information and knowledge about the local markets. They can tell you if you’re getting a good deal and share info about the neighborhood.
If you find yourself uncomfortable with your real estate agent, or not quite trusting them, it’s perfectly fine to find another one. There is no reason to work with someone you’re not comfortable with. Working with the wrong person can make you question your home choice, which is exactly what you don’t want.
3. Meet Your Needs
When you start looking for a home, write down a list of your wants and a list of your needs. Expect to have to make some compromises and sacrifices. No house, except for a custom built one, will be perfect. We recommend prioritizing the list too. Mark the things that are absolute must haves for you and make sure the house your purchase has those. So often people get guilted into giving something up. No matter how trivial or small one of your must haves is if you know you won’t be happy without it, don’t sacrifice it.
It’s a good idea to think about future needs and wants too, especially if you plan on staying in the house for a while. Will you be having more kids? Where will the kids hang out when they’re older? Is there room for pets? What about future school districts? Are there plans for the neighborhood to expand? Anticipating all these things will ensure you don’t regret your home down the line.
4. Right Price
In the GTA housing market, it’s nearly impossible not to spend a good chunk of money. Make sure you are comfortable with the price you pay though. It’s never a good idea to spend more than you can afford. Don’t stress out about losing out on a house due to price either. The market in Toronto is currently slowing, meaning there will be more homes at better prices in the future. It’s always better to wait and find a home with the right price, and over extend your finances.
5. Future Resale Value
We always encourage people to think about resale value; even if you are buying what you think is your forever home. Life changes even the most set plans, so it’s a good idea to look at what your house will be worth in the future. Sometimes buying a fixer upper will give you more long-term value. Maybe you buy a house and plan on changing it only to realize too late that any renovation you do will never get you your money back. Plan for the future!
6. Ask Questions
Remember, no one knows the home better than the seller. Ask them any questions you may have about the property. Why are they selling? What do they love about the home? When was the roof put in? How often did they have the chimney cleaned? The answers to these questions can tell you more than they think. The more information you have, the less likely you will be to encounter surprises. Asking questions will save you money, time, and headaches!
7. Get Home Inspection
Absolutely get a home inspection for any house you purchase. A good home inspection can save you a lot of money. People often don’t think they need them, especially on newer or newly renovated homes. They are shocked then when down the line they realize there are serious problems that cause them to regret their decision. An inspection will point out any problems, large or small, which can help you bargain for a better price or save you from a bad purchase.
8. Discuss Concerns
A lot of people that experienced homebuyer’s regret later admit they had concerns or doubts through the whole process. “I should have trusted my gut,” they say. Express any concerns you have with your significant other and real estate agent. Your agent will be able to tell you if they’re valid or not. This is true even after a purchase is made. They can save you from spiraling down the “what-if” path and put your fears in perspective. Talking with your significant other can also help. Maybe there’s something you don’t like but after talking to them they point out the positives in it. Communication at every step of the way will help reduce remorse.
Of course, another option to avoiding buyer’s remorse is to build your very own custom home. This will ensure everything is tailored to your needs and wants. Contact us today to discuss custom home building.