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Top 5 Causes of Buyer's Remorse After Buying a House


Property prices in Singapore went up 10.6% in 2021 and continue to rise in 2022 despite cooling measures introduced in December 2021.


For the whole of 2021, developers sold 13,027 private residential properties and in Q1 this year, 1825 properties were transacted. That’s a lot of people investing in properties or buying homes.


Amongst all these, surely there must be some buyer’s remorse.


Buying a property in Singapore is one of the biggest purchases, if not the biggest in one’s lifetime. With the hot property over the past few years, there must be some people who jumped on the bandwagon without doing their due diligence where the buyer’s remorse happens.


In today’s article, we look at some causes of buyer’s remorse and how to prevent them.


1. Show flat


Source: 10 Evelyn (Amara Holdings)


A show flat is exactly that - a newly-built flat that is decorated and furnished for prospective buyers to view.


Developers spare no expense in making their show flats extremely beautiful and turning them into dream homes.


When you are visiting show flats and admiring the decor and furnishings, always remember that you are not buying the unit fully furnished like the show flat.

Sure, you get the appliances, cabinets and such, but other than that, it is a bare unit.


You will have to get your own interior designer and buy your own furniture etc. Making your unit look anything like the show flat will probably set you back some serious money that you may not have budgeted for.


To avoid this, it is best to moderate your expectations and not believe what you see in the show flat.


Create a home that is to your liking and within your budget and that way, you will be much happier after the purchase.


2. Financials


Do your budget carefully, giving allowance for unexpected situations such as loss of income, market downturn etc.



If you overestimate your finances and are struggling with the monthly payment, buyer’s remorse will happen.


Nobody wants to default on payments and face serious consequences, so work out your sums carefully before making a commitment.


3. Location


Buying a home is a long term commitment and location is paramount.



We all would love to live in districts 9, 10 and 11, but with the current prices, it is certainly out of reach for many of us.


The next best choice would be to live in an area where there are good amenities and transport links. Some people may want to buy in an area that is near their workplace or business.


Many people buy a home and find that they have a long commute to their workplace which is likely to cause the buyer’s remorse. With the heavy peak hour traffic and crowded MRT trains, long commutes to and from work are definitely not something to look forward to and can be tiring and draining in the long run.

4. Think long term



You may plan to start a family soon or take up cooking or baking as a hobby. Be sure to think long term to avoid buyer’s remorse.


If you start a family, suddenly the studio apartment that you bought will no longer be workable. If you love cooking and baking, buying a unit with a small kitchen will cause distress and unhappiness.


Think about your short term and long term plans for both yourself and the family to avoid making the wrong purchase.


5. Unexpected maintenance


If you are buying a resale unit, be sure to do a thorough inspection of the place, preferably with a trained professional. He/she would be able to help you avoid unexpected maintenance and repairs and in the process, save you time, money and a lot of headaches.


Nothing is more upsetting than moving into your home and after a few months, finding leaking toilets or cracked tiles. Of course for older properties, some damages and issues cannot be avoided due to wear and tear.



You can minimize inconveniences by replacing problematic areas of the house before moving in. Always have a list of providers of repair services in case you need urgent work and that is one way to alleviate the stress that can lead to buyer’s remorse.


Oh and remember to set aside some budget for these unexpected maintenances.

 

To avoid some of the above issues, check out MOGUL.sg with its interactive 3D map and smart keyword search function that will help you find your next home, be it a new launch or resale.


Have a question? Let us know in the comments below or on our Facebook post.

1 Comment


Reading about the top 5 causes of buyer's remorse really got me thinking! Making such a monumental decision requires a lot of foresight. This article is a reminder to do thorough homework and seek advice. If anyone's contemplating when to buy or even to sell your house, having these insights is invaluable.

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