Buyer's Remorse After Purchasing A Property

Have you or someone you know experienced buyer’s remorse? Buyer’s remorse is unfortunately quite common, with a third of Australian homeowners experiencing it after they discovered issued with their property while moving into their new home. Buyer’s remorse can be a daunting experience after such an achievement, especially for first home buyers.

A recent survey of over 1,000 property owners showed that 55% of home buyers spent less than an hour viewing the property they purchased. This is an extraordinarily short time to view a property, especially with a commitment to a 30-year mortgage.

There are other factors that have contributed to the short viewing times of property, such as lockdowns. Restrictions surrounding the pandemic have made it increasingly difficult for homeowners to carry out a thorough inspection of their purchase property. This remains the biggest contributing factor to owners who end up experiencing buyer’s remorse.

The vast majority of property owners were able to view photos and videos of the property, but unable to view in person. A third of property owners also failed to arrange professional building and pest inspections. Some reasons property owners failed to thoroughly inspect the properties is because they became impatient or because their emotions got the better of them when they found the house they loved. Property owners were also anxious about not finding a property before housing pricings started to rise.

Some common issues that are the cause of so many property owners experiencing buyer’s remorse include not possessing the ability or experience to pick up on housing issues themselves, and as they usually did not get professional inspections done, these issues went unnoticed.

As a result, property owners then had to spend more than they had expected to, on replacing or fixing issues in their new home. Property owners who experience buyer’s remorse also feel they had paid too much for their property once these issues were discovered.

Property owners have stated finding many different issues with their property, but the majority found issues in construction quality, paintwork, gardens, fences, fittings, chattels, neighbours, hot water, heating, cooling, noise, lighting, illegal building work or general floor plan.

Tips For Buyers

Number one is getting professional building and pest inspections done on the property. Do not leave these potential issues to chance. Keeping an eye out for the above issues and seeking professional opinions with as many factors in the house as possible.

Finding the right home can be frustrating and time consuming but ensuring you do not develop an attitude of taking whatever you can find is important. Also keeping your emotions in check is crucial, if you have any concerns or worries about any aspects of the property, do not ignore them, investigate them.

Understanding your borrowing power is also important, especially if you are prepared to spend money on renovations after your purchase. You need to make this decision with full understanding of how much you can spend on the house and if you are able to spend any money on renovating after your purchase. Know your budget when making this decision, this will also give you the confidence to make the right decision.

It is also important to inspect the property yourself, do not settle for photos or videos. You need to walk through the house, feel the temperature, see the light, ideally through different times of the day. Also, spend time outside the house, is the street quiet or loud? Is it busy? Do you have as much privacy as you would like? Is there room for parking? There are also many different things to look out for outside of the house.

And lastly, ask questions. Do not be afraid of asking as many questions about the property as you can think of. Be diligent and do your research on the property.

Would You Like To Know More?  

With over 10 years’ mortgage experience, and professional connections in all areas of the home buying process, Sarah can assist in finding and funding the right property for you.

Get in touch to discuss your plans today.