Did you feel a sudden pang of regret after making an offer on a house? How about when exchanging contracts, or even walking through the door as the new owner for the first time?
You’re not alone! Buyer’s remorse can be a real issue for many new homeowners, and it can make it difficult to truly enjoy the excitement of settling in.
In this article, Property Saviour buying company offers some helpful advice on how to deal with buyer’s remorse and how to avoid it in the future.
Table of Contents
What Does House Buyer’s Remorse Mean?
“Buyer’s remorse” is a phrase that describes the feeling of regret after making a purchase, especially a big one. This issue often appears once the new homeowner has moved in and the keys to the house are in hand.
For instance, a buyer may experience a creeping sense of guilt or a small inner voice that says “I regret buying this house”. There are plenty of reasons why this could happen, such as:
- Realising the magnitude of the commitment;
- Not loving the place as much as they thought;
- Worrying about money; feeling there may have been a better property;
- Feeling pressure to please others;
- Having too many other things going on;
- Feeling trapped;
- Being anxious about upkeep and renovations;
- Worrying about potential structural or legal issues.
How to Get Over House Buyer’s Remorse?
Feeling regretful can be disheartening during a time that should be joyful and exciting. It’s essential to learn how to handle buyer’s remorse and progress in the most beneficial way possible.
If you are regretting buying a house, here are some things to consider:
- Discuss your situation with whoever you bought it with (if applicable). They may be able to give an alternate viewpoint or at least provide some solace.
- Discuss your feelings with a trusted friend or family member who is not invested in your property ownership to gain an outsider’s opinion.
- Make a list of all the advantages of owning the property.
- Look for the positives – it could just be a matter of time.
- Speak to a financial advisor to make sure your financial worries are genuine.
- Research ways to increase or add value to your property.
- Remember your purpose for buying the property in the first place.
- Decide whether you’d rather sell the property and move on.
- Put things in perspective – most people own a property at some point in their lives and this may not be such an immense issue in the larger scheme of things.
How to Prevent Buyer’s Remorse?
Be sure to get ready for the possibility of buyer’s regret later on. To do this, the best way is to have as much research and information as you can before settling on a property purchase. This way, you can get evidence to demonstrate that you have made the right choice in the future.
- When hunting for a home to buy, it’s a good idea to create a checklist of all the things you need, want, and would like. This way, you can prioritize the features of a home in line with what you need and want, so you can be sure to get as close to perfection as possible.
- Thoroughly compare the shortlisted properties by asking relevant questions and conducting inspections. Doing this will give you the necessary information to make a wise decision and prevent any regrets.
- Get an independent survey to spot any structural issues or other potential issues. Working with professionals will help you make an informed decision and lessen possible expenses in the future.
- Create a clear budget that incorporates all expenses related to buying a home. Knowing what you can pay will put your mind at ease and make sure you can afford the property comfortably.
Your Property Checklist
It's important to consider all these aspects:
- How many bedrooms and bathrooms do you need?
- How many reception rooms are there? Is the property accessible?
- How old is it?
- Can it be child-proofed?
- What kind of outdoor space is there?
- Are there any outbuildings?
- Is there space for a home office?
- Is there potential to improve, extend or add value?
- What is the proximity to transport links?
- What is the commute time to work?
- What is the proximity and quality of nearby shops?
- What are the local schools like?
- What is the weather like?
- How is the internet coverage?
- What is the local crime rate?
- What is the curb appeal?
Next Steps
Once you’ve created a shortlist of properties that meet as many of your criteria as possible, try to compare them carefully. This will help you narrow down your list to two or three options, and you can then visit each one and ask the estate agent as many questions as you can.
It’s worth getting independent surveys done to rule out any structural problems or the presence of asbestos. Additionally, make sure to create a clear budget to determine what you can afford.
Seek advice from your loved ones and get an outside opinion – they are likely to point out any potential issues.
You can also speak with other people who have recently purchased a house, especially if they live in the same area as the property you are considering, to learn about any challenges they face.
If, after doing all your research, you’re still worried, it may be for a good reason. Remember, there will always be other houses.
Selling Up and Moving On
Buying a new home can be an overwhelming experience and it’s natural to feel anxious. But if you regret your purchase and feel like you’ve made a mistake, Property Saviour can help.
We can provide you with a cash offer of up to 70% of your property’s market value, and the process could be completed in as little as seven days. Whether you have bought a property with problems not disclosed or had a change of circumstances, we are here to help.
If you’re interested in learning more about our services, please don’t hesitate to contact us. We’re here to help you overcome the psychological effects of buyer’s remorse.
Property Saviour Price Promise
- The price we’ll offer is the price that you will receive with no hidden deductions.
- Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
- These valuations or surveys result in delays and price reductions later on.
- We are cash buyers. There are no surveys.
- We always provide proof of funds with every formal offer issued.
We'll Pay £1,500 Towards Your Legal Fees
- No long exclusivity agreement to sign because we are the buyers.
- You are welcome to use your own solicitor.
- If you don’t have one, we can ask our solicitors for recommendations.
- We share our solicitor’s details and issue a Memorandum of Sale.
Sell With Certainty & Speed
- Our approach is transparent and ethical, which is why sellers trust us.
- 100% Discretion guaranteed.
- If you have another buyer, you can put us in a contracts race to see who completes first.
- Complete in 10 days or at a timescale that works for you. You are in control.
