Regretting the purchase of a new house is such a common phenomenon that there’s even a phrase for it. “Buyer’s remorse” is that sinking feeling that comes with the realization that the home you now own isn’t as perfect as you thought when you signed on the dotted line.
Fortunately, it’s not hard to avoid disappointment with your property if you follow a few ground rules.
Focus on needs vs wants
Before you buy, envision the best possible residential scenario, and make a list of all the things that you’re looking for in a home. Divide that list into “wants” and “needs” – the wants being bonuses, the needs the features you can’t live without. By setting criteria, you’ll reduce the chance of ending up in a home that doesn’t quite feel right, or that’s missing elements essential to your happiness and comfort.
Budget, baby, budget!
Remember that the ideal home for you right now isn’t necessarily the biggest or most beautiful. Your goal is to find the property that best suits your budget and your needs. Choose a place that’s beyond your means, and you’ll only end up resenting it. Figure out your budget and stick to it.
Don’t forget to aim for the best possible mortgage deal; Altrua Financial is a good place to look for favorable mortgage rates.
Location, location, location
You’re not just buying a home, you’re investing in a community, and part of the home’s value will be tied up in proximity to services, infrastructure, and good neighbours. A young family may not, for example, want to live in a part of town filled with students. It’s important to have a good knowledge of the area, and check that it’s a community that you feel comfortable in.
Look to the long term
If you want this to be a home that you’ll spend the next five, ten, or more years in, think ahead. Are you planning to have another child, switch careers, travel more, or launch a home-based business in the future? If so, it’s worth considering whether the house you want to buy can accommodate those kinds of changes.
Buying a property can be a daunting task. But following these few basic tips will help ensure your new place is nothing but home sweet home.
This is a collaborative post. It was not reviewed prior to publication.