Buyer’s remorse is a dreadful feeling, especially when it applies to something as significant as a home.
There you are, keys in hand, ready to fill your property with memories – but there’s a nagging feeling in the pit of your stomach that won’t let you sleep at night.
The best way to avoid buyer’s remorse is to do your research before you sign on the dotted line.
However, if you’re a first-time buyer it can be difficult to know what the most common regrets are when purchasing property.
Thankfully, Zoopla has just run a survey among 2,600 buyers and sellers to get their thoughts – so that you don’t repeat their mistakes.
The most common issue is actually not related to the house itself, but mental health; 62% of the participants found moving much more stressful than first anticipated.
Out of those surveyed, only 11% had a smooth experience, while an unlucky 18% said they nearly lost their property purchase as a result of the buying process.
Before you being, prepare yourself for this best you can by having a soundboard (whether that’s a family member, friend, partner or even a property expert that you can ask for advice).
And take your time. Don’t rush into a buy because you’re keen to move as soon as possible.
Nearly half (46%) of all buyers wish they had been more thorough with their research of the property before buying, including talking to their neighbours (16%).
Other factors included checking broadband speeds (15%) and mobile phone signal (11%).
As you might imagine, financial regrets also top the list, with 39% of Brits encountering hidden costs when they last moved, which were upwards of £1,000 for one third of these same buyers.
Budgeting is key, as nearly 40% of survey participants paid more for their move than anticipated, with almost a third (29%) of these costs relating to surveying and conveyancing costs.
Similarly, selling is also a major concern as majority of Brits (53%) feel they didn’t get their money’s worth because they didn’t stage their home for prospective buyers, and 84% feel it is worthwhile to invest in staging where budgets allow.
By showing buyers what their future home could look like, you may increase interest in the property, and by doing so, create more competition and push the price up.
Many buyers (34%) also want to build a personal connection with the seller, with the aim to secure the sale.
‘Moving home is one of the biggest investments many of us will ever make so it’s only natural the process inspires a wide range of emotions,’ said Tom Parker, consumer spokesperson at Zoopla.
‘Finding that balance between head and heart can often be the most difficult, such as deciding whether to throw out certain possessions you may no longer use but have had for years, or being emotionally invested in the price your property sells for.
‘We hope the responses to this study highlight that these are emotions all home movers feel, while we have also launched our Homemovers Zooploma to guide home movers through the process in the most seamless way possible and help them avoid the most common pitfalls.’
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