2. Buyer’s remorse is no joke. It has killed many a
home buying deal. But buying a home is serious,
life-changing business, so some level of
deliberation, concern and even rethinking the
whole thing, before signing on the dotted line, is
actually sensible and smart.
3. 1. It’s too expensive. If you’re buying a house in
2013, it’s completely understandable to have a
moment of panic at the sound of the price
you’re paying or the sight of all those zeros. It’s a
big purchase you’re making, possibly the biggest
one you ever will, and those who enter into it
with not even the slightest twinge of being
nervous might not be taking it as seriously as
they should.
4. 2. It’s too expensive for you. For years, I’ve
heard buyers express concerns about being
‘house poor,’ meaning that they spend so much
on their monthly mortgage payments that they
are too broke to do much else. Unless you’re
fortunate enough to live in one of those parts of
the country in which it is less expensive to own
than to rent a home, it’s almost inevitable that
there will be some sort of lifestyle revision you’ll
need to make post-homeownership.
5. 3. The location is not quite right. I’d probably
rank location choice right up there in the top 3
home selection regrets I hear after the fact from
home owners. Clearly, the location you can live
in is limited by your budget - you can’t expect to
buy in Toronto, Calgary or Vancouver for
$100.000. But I’m talking more about the
various location choices and judgments every
buyer has to make within their price range:
6. • between a home in the city, near work, or a
home in the quiet suburbs where you get much
more space - and a much longer commute,
• near shops and conveniences, or off the beaten
path
• next door to a school or at the end of a quiet cul-
de-sac
• in a row of townhomes with shared walls or in an
older neighborhood with lots of land between
homes –
7. 4. You have qualms about the future of your
job. I’ve known people who felt a need to fast
forward their home buying plans when they get
wind of changes coming down the pike at their
companies. This happens a lot for buyers who
have been house hunting for a long time and are
concerned that a layoff would render them
unable to qualify for their mortgage.
8. 5. You and your co-buyer are at odds. Whether
or not your are legally married to your co-buyer,
or it’s a joint venture. You will effectively be
legally bound by your real estate and mortgage
obligations if you buy a home together. If you
are having intense, intractable conflicts about
the sort of home to purchase, how much to
spend, when to buy, where to buy or even
whether to buy, think twice, pause and rethink
once more before you sign on the dotted line.
9. 6. You think you’ll be okay - so long as you can
sell at a profit or refi in the next 12
months. Are you a professional contractor or
investor? A real estate professional who can buy
and sell with very low costs? Do you have so
much cash to burn that you could sell at a loss
and not sweat it?
10. What are your thoughts about buying a home
right now? Answer is…
11. Randy Bett
Investment Realtor/Author/Investor
Real Estate Professionals Inc.
Better Group Real Estate
202-5403 Crowchild Trail NW
Calgary, AB T3B 4Z1
Phone:403-774-7464 Ext:1
Fax:403-208-0082
Toll Free fax:888-711-6801
