select
|

Leave no room for buyer’s remorse

You can return most things you buy if you discover that they don’t fit or don’t work, but if you buy the wrong home, the chances are that you’ll be stuck with it for several years – or have to pay quite a price to correct your mistake.

However, says Richard Gray, CEO of Harcourts Real Estate, there are some tried-and-tested preventatives for what is known in the real estate industry as “buyer’s remorse” and it is worth running through these before you go house-hunting.

“A recent study in the UK revealed that about one new buyer in 10 regrets their choice to some degree,” he notes, “with the most common cause of their dissatisfaction being the feeling that they could perhaps have got a better deal if they had taken more time to choose.

“And we agree, you really shouldn’t buy the first house you see – or at least not until you have had time to think about it and compare it to several others. You need to feel sure that the home you’re buying is good value and will meet your needs at this time of your life. Getting caught up in a bidding war early on in your home search can also lead to you making emotional decisions that you may regret later.”

He says other reasons that buyers may suffer remorse include not liking the new neighbours, finding that their new home is too small, finding that their new home requires more work than they expected and finding that their bond payments put them under financial strain - and that with this in mind, Harcourts has the following advice for prospective buyers:

* Think very carefully about what you need from a property, and may need five or 10 years from now. “For example,” says Gray, “a large garden might appeal to you, but will you really have the time - or money - to maintain it? On the other hand we find that people who are downsizing are also liable to under-estimate the amount of space they will need – such as an extra bedroom to use as a home office or to accommodate family visitors.”

* Double check your finances to make sure you can comfortably afford the bond payment and the other ongoing costs of home ownership, such as insurance, rates and maintenance. “And be sure to create a contingency fund so that an unexpected repair or interest rate increase won’t send you into a tailspin.”

* Research the area in which you are thinking of buying. “Picking the wrong location can have a negative effect on the future resale value of your property as well as your current lifestyle,” he says. “Look out for positives such as good schools, public transport, medical facilities and clean parks, and for negatives such as nearby road-building or large commercial developments.” 

* Visit the home you are thinking of buying at different times of the day and on different days of the week. “In this way, you may well discover noisy neighbours before you move in next door to them – or a noisy local gathering place that only gets busy after dark. In addition, you may find that traffic in the area is worse than you thought, or that the commute to work is actually further or more difficult than you estimated.”

* Stay focused on your priorities. “Don’t let a lovely entertainment area blind you to a floor plan that won’t suit you,” Gray advises. “Try to find the home that most closely matches your original wishlist and that is within your budget. It is not worth buying a home you can’t afford as it will very likely prevent you from reaching other financial goals.”


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 21 Nov 2017
      The buying process is over, and the moving truck has delivered your household goods to your new property. Now it’s time to unpack and turn your new house into a home.
    • 21 Nov 2017
      When an offer to purchase a property is signed by both buyer and seller, this constitutes a binding agreement or “Deed of Sale” between the two parties. However, in most cases the “standard contract” might not be enough to cover all the specifics pertaining to the sale. The agreement may require some additions or alterations to clauses, which needs an expert hand in the drafting of such
    • 21 Nov 2017
      As more and more South Africans look to invest in property abroad, Spain is offering them one of the best deals in global real estate.
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Nov 2017
      Property valued at approximately R1 billion is on High Street Auctions’ sales floor during the month of November, including the much-anticipated sale of the Tshwane Mayoral Residence and the land occupied by one of South Africa’s oldest operating gold mines.
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK