The idea of impulse buying a home might seem like an odd one. House buying, after all, tends to be a rather protracted experience. You go through several viewings, the survey, the legal details, the exchange — it all takes time.
However, impulse buying does happen in the housing market. It’s most likely to occur when you’ve sold your house, but don’t have anywhere lined up to move into. When you’re feeling the pressure, it can be tempting to snap up the first house that comes close to what you were hoping to buy. You can expedite the rest of the buying process and move in ASAP — only to realise that you’ve made a catastrophic error. Buyer’s remorse is always rough to deal with, but buyer’s remorse on a house is brutal.
Obviously, impulse buying in general isn’t a good idea. A house is definitely a purchase to be considered rather than rushed, the pros and cons weighed up. Impulse buying a house is even worse; it’s probably the biggest purchase you’ve ever made, so doing it in a rush is rarely going to work out. Even if you find yourself struggling for time, keep these three thoughts in mind to ensure you don’t make a mistake you later come to regret.
- Take Time To Consider Your Options
Okay, so you’re in a rush — but that doesn’t mean you have to rush through the entire buying process. Yes, you’ve got a buyer nipping at your heels and you don’t want to have to move into a hotel, but stay calm.
There’s a whole process associated with house-buying, so take your time to go through it: a few views, consulting Allcott Associates Chartered Surveyors for your survey, planning the decor — oh okay, not the last one, but all the legal side needs time to be considered. Use this process as a time to truly think through whether the house is right for you; don’t speed it up or skip steps because you’re in a hurry. Take the time to ensure you’re making the right decision.
- Keep Searching The Market
So you think you’ve met “the one”; the house you’re going to make your home and live happily in forevermore. You’re convinced and considering an impulse purchase, so you stop looking through house listings and focus on the house you want to buy in a rush.
This isn’t a good move. What if there’s a better house that’s come onto the market since you first viewed “the one”? Up until the point the sale is binding, you have the chance to back out — so there’s no harm in considering the other fish in the sea in the meantime.
- Divorce Feelings From Practicalities
Sometimes, when you walk into a house you’re viewing, you just feel in the pit of your stomach that it’s the right one for you. That might be the case, but don’t let your feelings take too much of a lead. Compartmentalise your feelings and your practical requirements for a home; this will ensure you’re always making the decision for the right reasons.
Buying a house, even when you’re pressured for time, should always be a considered and thoughtful process. Focus on the three aforementioned realities and you can be sure that when you do buy, you’re doing it for the right reasons.