Trust is a two-way street. It plays an important role during the purchasing process of any commodity. However, it becomes more vital when buying a property. Home buying is a significant step in a person’s life and a foot in the wrong direction can leave the concerned parties in unwanted territory. Therefore, the onus lies on the experts – real estate agents in the property market to put their knowledge to good use and save the clients from homebuyer regrets.
We have compiled a list of some tips to assist real estate agents to help their clients avoid some common homebuyer regrets. These tips can ensure a satisfying home-buying process for all concerned parties.
What are Buyer Regrets
Impulsive buying is one of the major reasons for buying regrets. While these regrets may not cause much stress for small commodities, they can be a headache for bigger purchases like a house since huge sums of money are at stake. The home-buying checklist provides effective to-do-checks before buying a property but people may get carried away if the house is aesthetically irresistible.
It is the ethical responsibility of the third parties involved in the buying process to play their part. People prefer to hire the services of real estate agents for buying a house. Real estate agents, with sound knowledge of the market, can help their clients avoid many homebuyer regrets. This also proves beneficial for the agents as happy clients will put in a good word for them – increasing their chances of getting more clients.
Tips to Avoid Homebuyer Regrets
Buying a house too big for their needs or getting carried away with the aesthetics are among the common homebuyer regrets. As a real estate agent, you would want to leave a client fully satisfied with the place they have purchased. In the UAE, initiatives like real estate business ethics by DLD among many more show the government’s focus towards ensuring hassle-free property deals.
That said, now let’s go through some ways to avoid home buyers’ regrets and make the property deal pleasant for all concerned parties. These tips can help real estate agents save their clients from unwanted outcomes.
PROVIDE ACCURATE MARKET RESEARCH AND DATA
When a client approaches you with their specific set of requirements about the area they want to buy a property in, be sure to provide them with accurate market research and data. Ideally, clients look for a place in a central location with easy access to schools, malls and other amenities.
Keeping their requirements in mind, give them a clear overview of the types of properties available in the area. Additionally, show them the varying price ranges as this can give them a broader view of the market. Types of schools and malls in the area and the expected future returns on the property can also help home seekers make a quick decision.
DO A PROPERTY INSPECTION
A property may be aesthetically pleasing as sellers try different ways to improve the home’s screen appeal. However, there may be issues inside the house not visible to the naked eye. As a real estate agent, you shouldn’t take any risk and advise the clients to go for a property inspection upfront.
A property inspection ensures the house is safe to reside in and poses no threat to safety. Moreover, an inspection identifies the areas needing repairs. All of these can help predict future expenses and buyers can request repairs before moving in. Any faults identified during the inspection can also be for price negotiation.
INFORM CLIENTS ABOUT THE ADDITIONAL COSTS
Buying a property is a huge expense itself but there are some additional costs attached as well. You should inform the clients about the added expenses that follow with the purchase of the property. Government charges, utility setup costs and property maintenance are some of the hidden costs of buying and owning a property in Dubai, Abu Dhabi or any other city in the UAE.
Awareness about the additional costs can help your clients better prepare their budget, Additionally, these costs can also prompt homebuyers to opt for a different property better suited to their budget.
ADVICE CLIENTS NOT TO FOCUS TOO MUCH ON AESTHETICS
Aesthetics play an important role for any commodity but the decision shouldn’t be entirely based on them. There are different types of properties in the UAE – each with appealing features. A visually appealing home might cause some homebuyer regrets if the design or structure has any faults. This can turn out to be an additional cost buyers have to bear.
A well-maintained property with no major faults ensures a hassle-free experience for the buyers. In the long term, this may give buyers a better resale offer as well.
PROVIDE OPTIONS FOR PROPERTY MORTGAGE
Many people choose to buy a property on mortgages. There are several services offering property mortgages in the UAE and many of them come with added services. The real estate agent should advise the clients to go through multiple mortgage options before making the final decision.
Additionally, there are different types of mortgages in Dubai, Abu Dhabi and other cities of the UAE. Once home seekers have all the information at their disposal, they can make better decisions and avoid many homebuyer regrets.
INFORM CLIENTS ABOUT SOME COMMON BUYER’S REMORSE
Breaking the ice in any deal can pave the way for a successful partnership. That said, one way to establish trust and make the home-buying process easier is to inform the clients about common buyer’s remorse.
First-time buyers looking for an apartment for sale in the UAE, house or villa, can learn from others’ experience. Real estate agents can share some biggest regrets first-time home buyers have experienced in the past. This can help buyers from making any impulsive decision and consider all factors before making a final call.
FAQS
WHY RECENT HOMEBUYERS HAVE REGRETS ABOUT THEIR PURCHASES?
The most common reason for homebuyer regrets is impulsive buying. When people decide without considering all the factors it can often lead to regrets. Additionally, people may disregard factors such as maintenance costs and property inspection which can turn out to be additional expenses,
HOW TO AVOID HOME BUYERS REMORSE?
An effective way to avoid home buyer’s remorse is to keep all the factors into consideration before finalising the deal. Have the property inspected, keep the additional costs in mind and avoid making a decision solely based on the property’s aesthetics. These factors along with the aid of a real estate agent can clients with avoiding home buyers remorse.
This was everything about homebuyer regrets. Home buying is a significant step in a person’s life and it is important to consider all factors during the process. One of the benefits of hiring a real estate agent is they can help avoid several homebuyer regrets.
By following these tips, real estate agents can put their experience to good use and help their clients get the best out of the buying experience. Buying properties from a trusted platform also minimises the chances of buying regrets. That said, you can check out the following:
Stay tuned to UAE’s top property blog for tips to avoid homebuyer regrets and more.
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