Bypassing buyers’ remorse
29 April 2016
Many home buyers are very relieved when they find a property they like, make an offer and get it accepted all in a short time frame. But others – far from thinking all their Christmases have come at once – suffer from buyers’ remorse.
After the initial exultation, many buyers spend sleepless nights wondering if they have made the right choice. After all, it was a bit too easy wasn’t it? Maybe they have paid too much? Surely they must have missed something. Something must be wrong with the property. What if that fresh coat of paint is hiding mould or worse?
Buyers’ remorse is not uncommon, and is based on self-doubt stemming from the stress involved in spending so much money on a transaction home owners undertake (usually) only a few times in a lifetime.
It is less likely to happen if buyers do their homework thoroughly and don’t buy on a surge of emotion. It is important to know the sold prices of similar properties in the area and to put in place the necessary checks (building and pest reports for example). Those who get their longed-for property purchase wrapped up quickly should think themselves lucky that they struck a motivated and realistic vendor when so many have an inflated sense of what their property is worth.