Though buyer’s remorse can never be 100% prevented, there are ways to deter a homeowner’s chance of remorse.   And you –the qualified real estate professional – can provide your home buyers with the information, education and expertise necessary to do just that!

• Price:  There’s no better place to start than price!  Instruct all buyers to speak with a lender prior to starting their home search and ask them to obtain a pre-approval letter.  And don’t forget to have them consider their down payment, closing costs, taxes, home insurance, as well as repairs/renovations and appliance costs (if necessary).  These items are often forgotten about when thinking of a home purchase price, and can cause stress and anxiety if not planned for.
• Location, Location, Location:  As always, location is KEY when purchasing a home.  But, often individuals are enticed by the size and price of homes outside of their desired area, only to regret their decision once they are spending hours in bumper-to-bumper traffic each day.  Help your buyers stay focused on their desired locations by getting a feel for their lifestyle before you start their home search – where they work, where their children go to school (or where they would like them to go to school), where they enjoy their free time, where their friends and family live, etc…  
• Need, Want, and Would-Be-Nice:  Again, it is so easy to be enticed by certain features during the home search, so it is imperative that buyers know what they need in a home prior to starting their search.  But, we all know that compromises must be made when deciding on a home, which is why categorizing features into Need, Want, and Would-be-Nice is a great way to hone-in on the true must-haves.  For example, if a large backyard is on the Need list and a pool is on the Would-be-Nice list, but the buyer falls in love with a house with a pool (and no yard), you can remind them of their feature list and encourage them to discuss and reconsider before giving up a Need for a Would-be-Nice.
• Monthly Costs:  Monthly fees such as an HOA membership, landscaping, routine maintenance, pest control, trash service, water and other utilities can be considerably higher than what the buyer may be expecting (especially if they were previous renters or are moving up in house size).  As a result, these monthly fees are often what sends new owners over the edge of frustration after purchasing their home.  Talk with your buyers about expected monthly fees, and make sure they have considered these costs into their budget.

Of course, the ultimate purchase decision is the buyer’s.  But, by providing your buyer with the resources and information needed to make a well-informed decision, rather than a spontaneous one, you can guide them to the home they will never regret buying!