How to avoid buyer’s remorse: how to make a confident property purchase

Owning a home is a lifelong aspiration for many, yet research shows that nearly 80% of homeowners have at least one major regret about their purchase. A surprising figure, considering buying a property is often the largest financial commitment a person will ever make.

Buying a home can be an emotional experience. It’s easy to get swept up in the excitement of finding “the one,” which can sometimes lead to overlooking important details. Often, it’s only after moving in that buyers begin to notice things they missed or realise certain compromises weren’t worth making. If you’re preparing to buy, here are some key steps to help ensure your decision is one you’ll feel confident about for years to come.

Separate your needs from your wants

Before you start viewing properties, take the time to list out your must-haves and your nice-to-haves. Your must-haves should include non-negotiables such as the number of bedrooms, location, or proximity to schools and transport. Your wants can include features you’d love to have, like a garden, an open-plan layout, or period character. By distinguishing between what you need and what you’d simply like, you’ll be better prepared to make a clear-headed decision when emotions run high.

Stay focused

When you find a property that looks perfect, it’s easy to be swayed by presentation or style. But remember to check back against your list of priorities. A property that doesn’t meet your essential needs is unlikely to be right for you in the long term. You may be living there for several years, so those compromises could start to feel more significant over time. It’s better to take a little longer to find the right fit than to rush into a decision that doesn’t truly meet your goals.

Check your finances

One of the most common causes of buyer regret stems from underestimating the true cost of ownership. Beyond your mortgage, there are other regular and one-off costs to factor in, such as council tax, insurance, utilities, service charges, maintenance, and (for leasehold properties) ground rent. Before making an offer, speak with your mortgage lender or a qualified financial adviser to understand exactly what you can afford and what costs you should anticipate. A realistic budget will give you peace of mind and help you plan for the long term.

Get a second opinion

It’s worth seeking professional advice before committing to a purchase. A surveyor can identify potential structural issues or costly repairs that may not be obvious at first glance. If you choose not to commission a survey, consider bringing along a trusted friend or family member to view the property with you. A fresh, objective pair of eyes can often spot things you might have overlooked in the excitement.

Choose the right solicitor

The conveyancing process can be complex, so it’s essential to select a solicitor or conveyancer you trust. Don’t feel obliged to use the one recommended by your agent if you’re not comfortable with them. A good solicitor will communicate clearly, keep you informed at every stage, and help ensure your purchase proceeds smoothly. The right professional support can make all the difference to how straightforward – or stressful – the process feels.

Avoid getting caught in a bidding war

Competition from another buyer can make a property seem more desirable than it really is. However, it’s important to remain disciplined. Overbidding could stretch your finances and lead to paying more than the property’s true value. If the price rises beyond your budget or comfort zone, be prepared to walk away. Remember, buying a home isn’t about “winning” – it’s about finding the right property for you at the right price.

Buying a home is both an emotional and financial journey. By preparing properly, knowing your priorities, and taking your time to make informed decisions, you can greatly reduce the risk of regret. Staying objective, seeking expert advice, and keeping your long-term goals in focus will help you move forward with confidence – and enjoy your new home for all the right reasons. Your local Guild Member can provide trusted advice, bespoke support, and an unmatched level of service to help you find the right home with confidence. 

Share: