Three Ways to Avoid First-Time Homebuyer’s Remorse

One of the common horror stories when it comes to buying a home is people regretting their purchase. For sure, you heard a friend or two saying that their house was too small or they’re paying too much. As a smart homebuyer, you probably think that there’s no way that could happen to you. But the truth is those remorseful homebuyers were once “smart” homebuyers like you.

Homebuyer’s remorse is real, and it can strike anyone. If you’re doing this for the first time, the odds may be stacked against you. Nonetheless, there are ways to avoid this. Here’s how you can ensure that you’ll have the purchase you’ll enjoy for years.

Create a list of non-negotiables

Most people regret their purchase because they later realize that they made a compromise on their essentials or prioritized wants over needs. Don’t make the same mistake. Remember that essentials are non-negotiables and therefore should come first before the nice-to-haves.

Before you visit houses or condominiums, sit down and list down all that you need in a home. What you need are those that would support your current lifestyle. This includes the number of bedrooms and bathrooms, the floor space dimensions, and location. The latter is very crucial.

If your lifestyle’s focus is expanding career opportunities, it’s best to go for a condo for sale in the Philippines that’s in a central business district. If your lifestyle requires taking the kids to school every day, then you have to buy a home that’s just a minute or two away from campuses in your locale. Stick to your non-negotiables and stop looking at other homes when you find a property that fits your needs.

Draw up a realistic budget

Man pointing calculator

For sure, you know that money issues are the major reason behind homebuyer’s remorse. A home is probably the biggest purchase you’ll make ever in your life, so it’s quite inevitable to feel a little bit of guilt once you move in. But the guilt becomes insignificant when you know that you’re getting much value for your money.

So, again, before seeing properties, before browsing through real estate websites, make sure to know how much you can afford. List down your expenses and income. Then, look at the pros and cons for your loan down payment options. Take time to talk to a few lenders. This will help you be more familiar with financial terms in home buying, and at the same time, create healthy competition among lending agencies, increasing your chances of getting a good deal.

Filter other people’s opinions

In some instances, it’s your aunt’s or officemate’s opinions that could trigger the buyer’s remorse. Those unsolicited comments that “you should have done this” or “you should have considered that” can really set off latent anxieties.

But always remember that no one but you knows the real deal on your home. Your peers and relatives don’t know your lifestyle aspirations, your financial goals, and your budget, so their advice will likely not apply to your unique case. So, whenever you hear such opinions, learn to filter them out. Know whom you should trust in this purchase decision.

Again, homebuyer’s remorse is a real struggle. It can happen even to smart buyers. But the good news is there are lots of ways to avoid it. Don’t let it get the best of you. Be a smarter homebuyer.

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