Home buyer regrets come with the territory. Although, the hope is to help to get the buyers in a home that fits them best. PJ Wade of Realty Times gives us an update on buyer regrets.
If you were to buy a pair of shoes or a car without more research than quickly hearing their statistics and then slipping into them for an amazingly-short try out, do you think you'd have regrets about the shoes and the car you purchased?
When it comes to shoes, you try them on in the store and stomp around or, if ordered online, you stomp around at home. The shoes may be comfortable during this short artificial exploration, but when you spend a full day walking in them, your feet may experience regret.
Same is true for a car. After the initial, new car thrill, there may be things about the car that you wish you'd noticed or realized would be important to you before you bought it.
The lower the amount of research and thought that goes into buying decisions and the greater the emotional impulse that rules decisions, the more regret that results.
Why is anyone surprised at the outcome when very complex real estate purchases are approached in a way similar to shoe and car shopping? Real estate buyers can be left with "woulda, shoulda, coulda" regret.
That's the buying experience.
That's buyer beware.
One major difference in home buying is the support and expertise of real estate professionals who can reduce regret when buyers take advantage of this professional edge.
Here, we're concentrating on purchases where everything is completely fine with the house, townhome, condominium unit, or recreational property—legally and structurally. Even when all is well, buyers may have regrets about how home functions for them and their family.
Buyers become owners once they move in and live in their new residence—an obvious fact, but a shift in perspective that many buyers seem to ignore. New owners will discover things about a home that they may not have realized during their "purchaser's viewing" many weeks or months before—especially in a cleverly-staged property:
New owners may decide their home feels too small, too large, too expensive, too far from work…too something that becomes obvious after living there a while. Sometimes there are acceptable solutions; sometimes there are very pleasant surprises; sometimes there are only regrets.
Alternatively, the home may lack something buyers assumed would be there or they had expected to be better. For instance, front hall or foyer closets are often overlooked during viewing. After move-in, all the family "stuff" that must go in that closet may not fit. The same can be true for the functionality of the back entrance. In either case, sometimes adding storage or completing a small renovation solves the problem. Other times, buyers must live with regrets.
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