How to avoid home buyer's remorse

couples inspecting a home to not regret buying it later

Everyone eventually gets some type of buyer's remorse when shopping. It usually happens when you make an impulsive purchase and then after a few hours or days you find yourself regretting your decision.

It is important that you don’t feel this sort of regret when purchasing a home.

Do your property research

Whether you are buying a home by yourself or with a partner, it’s a must to do the proper research of the area you wish to buy at. 

Find out what sort of amenities the area has to offer. If you have children you might want to be near schools or playgrounds. If you have dogs you might want to be near a dog friendly park. Do you want a place close to lots of big name shops or mom and pop shops? Maybe close to a public transport line that gets you to work with minimal transfers.

It is also worth the effort to find a property that meets your needs. Do you need an office space? Are the rooms large enough? Does the bathroom have a tub? You should never settle when making a big purchase like a house, because then you run the risk of regretting your decision later on.

Do the work and research property prices. Sometimes buyers settle for a property they weren’t happy with due to the fear of not finding something else within their budget. They often end up paying more than the property’s worth!

House hunting isn’t something that occurs in a single day, take your time and do the proper research.

Pick the right home loan

Purchasing a house is a big financial investment that typically requires the help of a lender. It is important to find a home loan that meets your needs, or perhaps your ethical standards

You want to find a lender that offers a manageable loan, so you don’t feel like you have unpayable debt. The right home loan with the right interest rate could save you tens of thousands of dollars over the life of the loan. 

Take your time, compare various home loans and find the right one for you.

Have the property professionally inspected

Buying a home is a big expense, it’s natural that you’d want to save money wherever you can. However, don’t skip getting your home professionally inspected for the sake of saving some money. This is a short term solution that you might regret in the long-run.

A professional inspector can discover issues not visible to the average person, like structural defects or termite infestation. If you find these issues before buying the house, you can decline to make an offer or ask for a discount. However, if you find these after the inspection you might be paying more money than the cost of the professional inspection.

Avoid falling instantly in love!

It’s easy to find a house that you immediately fall in love with. But just like you shouldn’t jump into a new business venture without knowing all the facts, you shouldn’t sign on the dotted line without proper research and inspection. Typically it's best to not make big life choices based on emotions. Sometimes the rose coloured glass is temporary and the last thing you want is for your dream home to become a nightmare. 

Home buying mistakes can be avoided, but you need to take it slow and evaluate all your options thoroughly.

If you are thinking about buying a home check out Mozo’s home buying guides to get you prepared for one of the best purchases of your life.

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Last updated 24 November 2024 Important disclosures and comparison rate warning*

Home loan comparisons on Mozo

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <95%
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.28 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    5.74 % p.a.
    Fixed 3 years
    Comparison rate
    6.81 % p.a.
    Initial monthly repayment
    $2,915

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Budget Home Loan

    • LVR <80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.07 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Enjoy a discounted variable home loan from IMB. Get up to $4,000 cashback (T&Cs apply). Life-of-loan discount off IMB’s standard variable interest rate. Unrestricted additional repayments. Free Internet and Mobile Banking redraws (T&Cs apply). No monthly fees to pay. Up to a 30 year loan term. Split loan available. No offset account.

  • Mortgage Simplifier

    • LVR<80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $3,043

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.

  • Elevate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.18 % p.a.
    Variable
    Comparison rate
    6.18 % p.a.
    Initial monthly repayment
    $3,056

    Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.

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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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