Personal Picture
Irene Chow
Sales Representative
Re/Max Realty One Inc., Brokerage
Independently owned and operated.
irchow@trebnet.com

 

Business: 905-277-0771 (24 hrs)

Fax: 905-277-0086

Direct: 416-817-5993


---Awards---

Thursday, December 13th, 2018

Avoiding Buyer's Remorse

If you are considering the purchase of your first home, the first step should be to sit down and take some time to draw up a list of all of the possible advantages and all of the possible disadvantages of taking that step at this point in your life: A Pro and Con list. It might help to divide the page into two vertical sections and list all of the potential advantages to a home purchase on one side of the page, and all of the various disadvantages on the other side.

 

This may at first sound totally absurd, after all, it is generally acknowledged that everyone wants to own their own residential property, and it seems as if it is a desire which is coded genetically into all of us: The modern dream of home ownership seems to be universal. However, once you begin to draft this list in all honesty, you may find that there are some disadvantages you had either not considered, or had previously glossed over.

 

These disadvantages vary from family to family and from home to home. Some may be logistic, or social, but by far, most disadvantages are financial. A residential property is likely the single most expensive purchase most people will ever make, and it's imperative to ensure that the expenditure is performed with complete confidence that the best possible "product" has been bought.

 

When considering the purchase of a specific residential property you need to ask yourself:

 

  • Does this home contain all the Pros you have on your list?
  • What was it about this particular home that stood out from all the others you've seen?
  • Were there other homes that could have suited your needs, or is this one the only one that even came close?
  • If you could walk away from this transaction right now, do you believe that it is a realistic expectation that you could find a home that would better suit your needs?
  • Have the special features that attracted you so much to this house when you first saw it still as powerfully appealing?

 

This process of analysis can help you to better comprehend your motivations to purchase this particular residential property, and to understand whether or not this home was the best choice. Even more importantly the analysis can assist you in contemplating whether you would be wary about going ahead and purchasing any home whatsoever, not just this one, at this point in your life.

 

There are various aspects to a home purchase that can trigger bouts of buyer's remorse, and one of the most significant is the reaction of family and friends. Everyone has a different opinion about everything, and more experienced home owners may question every aspect of your choice and how much you are willing to pay for that home. It is important to qualify these opinions logically and coolly.

 

Are these individuals who are offering their opinion well acquainted with the current market dynamics, or have they been out of the home buying market for years or decades? Perhaps they live in another part of the province or the country where residential real estate values are a mere fraction of what they are in your area. It is important for prospective home buyers to sort out the emotion from the rationality and that can be quite difficult when being pressured in one way or another by your peers.

 

A significant mistake made by some home buyers is that they make an offer and then keep looking at other homes. If you are still in the "visiting" stage, you have no reason whatsoever to be placing an offer on a property that you're "not sure of." Unless you are under some outrageous and unreasonable pressures to buy a house right now today or else, then you should satisfy yourself that you have conducted a thorough survey of the most suitable homes in your area before you sign an offer of any kind.

 

You must realize that buyer's remorse is an all too common phenomenon, and you are not the first home buyer who is experiencing these doubts. Don't dwell on the negative what-ifs whether you are buying a house or a pair of shoes. Keep your mind on the positive aspects and think of the benefits you will reap from your decision. Of course it is natural to have unanswered questions pop up in a real estate transaction: Take your questions to your real estate agent who will provide you with accurate information from their extensive expertise in the field. Once you are fully informed and all your questions are answered, you will find that you will be far more confident in your determinations.

Office: 905-277-0771       Mobile: 416-817-5993      Fax: 905-277-0086         Toll Free: 1-800-726-2889
Personal Pic Irene Chow Sales Representative pic irchow@trebnet.com Re/Max Realty One Inc., Brokerage Independently owned and operated. pic 50 Burnhamthorpe Rd W, unit 102, Mississauga, Ontario L5B 3C2 pic Cell: 416-817-5993 | Office: 905-277-0771 | Fax: 905-277-0086