Life is full of “what if” questions, and the act of purchasing real estate is rarely completed without the buyer wondering what might have happened if they’d looked harder or for longer. Could you have found a dreamier dream home?
As an experienced real estate agent, I advise all my clients not to do this to themselves. There’s absolutely no point. You could say the same thing about the time you changed your job or when you bought a new car.
The key to avoiding “post-deal blues” is to apply diligence to every stage of the purchase. As your agent, I know intimately how these negotiations go down, and I will guide you throughout the journey.
Here are five basic rules to give you the confidence that you’re making the right decision before you put down a deposit.
- Check your list of wants and needs – As your agent, I will have worked with you on defining the style, size, desired features and location of property you want. There’s always compromises with any property but it’s important to consistently refer back to this list when house-hunting. It’ll help you avoid making the wrong purchase because something unexpected caught your eye.
- Having a mortgage makes you nervous – This is a common concern. Talk to your lender or mortgage broker about the various repayment alternatives and make sure you choose a mortgage product that is right for you. If you’re worried about job security, then be honest with yourself. But, remember, no one knows what the future has in store. Be practical, not reckless. If you’ve been paying rent all these years, you know you are good at commitment.
- Be cautious of advice – While family and friends mean well, you should trust your own instinct more than anyone’s opinion. Go with the advice of your financial planner rather than your best friend. This will be the home that you have to live in, so make sure it’s what you want, not your Mom. You’ll know it in your heart.
- Consult your agent – This is an important part of the process. I want you to be happy with your decision, and if there’s something eating away at you, then let’s get it out in the open. There’s no shame in walking away if the property – or price – isn’t right, or sticking with your choice and creating a plan to make the home perfect.
- Now, take a breath – You’ll drive yourself crazy if you keep house-hunting when you’ve decided you’ve found your dream home. By putting down a deposit, you’re accepting that the buying journey has come to an end. Breathe! If you can’t do that, keep the money and let’s continue your search.