THE 5 BIGGEST REGRETS WHEN BUYING A HOUSE

 Most people have some regrets after buying a new home. According to a study carried out by Trulia in the United States, people experience regrets (one in two) after buying a new home. The study identifies five main causes

1 - I don’t have enough space

When buying a home, people would like to have more space than they currently have to fit all their belongings. Young families starting out in a tiny flat or a two-bedroom house soon realise, as the family grows, that they’ll have to make compromises.

The opposite happens with older people who decide to leave a large house to buy a flat. It’s quite a shock when you try to fit all your furniture, including the basement and garage, into a 900 sq ft flat!

Homes that have been home-staged require special attention, as professionals will usually use furniture suited to the size of the rooms. You’ll be in for a surprise when you try to fit your 10-foot-long modular sofa into the living room.

2 – I didn’t do enough renovations before moving in

We’re often very excited to move into our new home and want to get things done as quickly as possible. To save time, we move in without doing much renovation or painting. What a nightmare it can be, sometimes, trying to paint, renovate and unpack our things in a new home, all at the same time!

3 – My pockets are empty...

Often, prospective homeowners only budget for the deposit on their new home. However, they soon realise all the costs incurred afterwards and have to use their credit card to cover them.

People very often forget about moving costs, connection fees for various utilities, mail forwarding charges, and renovation or painting costs. You should budget for a minimum of 4% to 10%, sometimes more, depending on the renovations needed before you move in.

4 - The neighbourhood...

It’s never pleasant to encounter unpleasant surprises when moving into a new neighbourhood. You might find unreported violent deaths, dogs barking all night, noisy neighbours, or a very busy street. Neighbours are often your best allies. Don’t hesitate to ask them for advice.

5 - The traffic is hell!

You may have viewed your house in the evening or at the weekend, when the neighbourhood is quiet and there isn’t much traffic. What a surprise, on your first morning, to see the traffic that awaits you every day. At that very moment, you hear a little voice telling you: I really should have...

Ghislain Larochelle is a professional registered with the Ordre des ingénieurs du Québec and the OACIQ. His training and coaching company for property investors – Immofacile.ca – may charge fees for training and monthly conference evenings.

What should you do?

• Check the dimensions of the rooms in relation to your furniture.
• Check the available storage space, compared to your current home.
• Check traffic conditions one weekday morning and one weekday evening.
• Ring the doorbell of your future neighbours to find out more about the neighbourhood.
• Set some money aside for the initial costs.