In a July 2021 survey, 68% of homebuyers in the UK admitted feeling a great deal of remorse after buying their houses. Representing two-thirds of the buying population, they revealed how pressured they felt having to make their purchases between March 2020 and July 2021. Do you identify with this group? Or are you now considering buying a property to make a home? If your answer is yes, please read this piece to find out how to avoid adding on to the number of remorseful homebuyers in the country.
Get a complete understanding of the mortgage types available
There are thirteen mortgage types in the UK that homebuyers can refer to as they commence the processes. A few examples are the Capped, first-time buyer, Variable, Fixed, and Buy-to-let. Considering that many types are available to the buying population, it is logical to find each offer. Even in a situation where your property broker fails to break them down and explain each one, you owe it a duty to yourself to read about all.
More importantly, it would help if you fully understand the varying financial implications they come with. By understanding the long- and short-term implications, you stand a better chance of avoiding remorse after the purchase. Indeed, choosing the wrong mortgage can be a nightmare whether you’re buying for the first time or not.
Unfortunately, there are instances where homebuyers had their houses repossessed because they failed to keep up with mortgage payments. Had they chosen the right type, maybe their story would have turned out positively. Another important thing you must do where your mortgage is concerned is knowing how much you could be granted. That’s why online platforms such as mortgagecalculator.uk make it convenient to do so.
Have a realistic budget for additional fees
Sometimes the feeling that your finances are getting out of control after a property purchase fuels that much-dreaded remorse. Unfortunately, many buyers tend to forget that apart from the initial cost of the property, there are other charges as well. For example, fees for land registration, stamp duty, survey cost, valuation, etc., must all be fulfilled in a designated period.
Failure to meet these other financial obligations is equivalent to going against the law. The objective is to know in advance the many additional fees you’re responsible for. That way, you reduce the chances of feeling drained financially, which can lead to remorse.
Be particular about your wants and needs list in a property
When you’re ready to buy a house, it’s normal to make a list of what you want and need in it. For example, features, styles, fixtures, and installations are examples of things most buyers list out. To avoid getting remorseful about your purchase, remember to review your notes. Additionally, separate your needs from the wants to help you determine what things are more critical and cannot be ignored.
Indeed, ‘needs’ may take precedence over ‘wants’ if you do a careful analysis. Even with your ‘needs,’ you can further categorise them under ‘urgent’ and ‘not urgent.’ The idea is to strip your expectations down to the barest minimum without compromising safety or quality. In a way, this is a psychological exercise that prepares you against feeling regretful over what you finally settled on. It’s worth noting that when you base your final choice on aesthetics rather than functionality, you are likely to feel remorseful after purchasing. However, if you’re planning on making this your “forever” home then think about what needs you may have in the future – will you need more rooms for an expanding family or perhaps you have stairs which in old age may require a home lift installation – is this possible?
Stop viewing other houses when you settle on one
According to most homebuyers, there is always a temptation to keep viewing other houses even after settling on one. If you see yourself likely doing this, you should know now that it’s wrong. When you continue searching the housing market, what you do is sow seeds of doubt and insecurity over your choice. That fuels buyer remorse. It can be pure torture, constantly second-guessing what you already picked. So why would you want to endure the agony?
Perhaps, you’re not doing a physical search, but if you sign up for email alerts for new property listings, that is bad enough. The best thing to do is unsubscribe. Even if it means deleting house listing apps from your smartphone, do that too. Whatever it takes to stop the comparisons will be a good thing.
Avoid making a rushed purchase
Never fall for the marketing gimmicks about buying property quickly to prevent someone else from making an offer. These psychological ‘games’ compel buyers to immediately pay for a property they show the slightest interest in. Property buying is a significant investment, and you have the right to take your sweet time.
Never panic-buy or feel pressured to do so. Unfortunately, a lot of that happened in 2020 when the Coronavirus pandemic hit the UK. According to news reports, More than a quarter of those who bought property on impulse last year paid more than the asking price. Another 94% of them took only 46 minutes to see the property once. Additionally, 9 out of 10 buyers discovered problems with their purchase.
Have an open discussion with your agent
Sometimes, an excellent old open-heart conversation is all it takes to allay your fears. Having an open discussion with your real estate agent can be the opportunity you need to find answers to lingering questions and doubts. It has more to do with getting assured and convinced that what you’re about to pay for is the real value for money. Once you get that reassurance from the agent or the real estate lawyer, you would have cleared all doubts that fuel buyer’s remorse.
You can also speak with your neighbours in the exact location to get a fair idea of whether the property you acquired is worth the sacrifice. Buyers’ remorse is a real deal and a very normal emotion, but you can take steps to reduce the overall impact on how you perceive your property. Hopefully, this piece has been helpful and will steer you in the right direction.
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