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You bought a property... but now you regret it

Category Advice

There's a moment, often just after the offer has been accepted and the documents are signed, when uncertainty begins to creep in. What felt like a dream property yesterday now comes with a gnawing feeling in your stomach. Welcome to buyer's remorse, something more common in real estate than most people realise.

"Buying a property is one of the biggest financial commitments you'll make in your life," says Skoko Sebola, Principal at Leapfrog Midrand. "It's completely natural to feel a bit overwhelmed afterwards. But if those feelings turn into anxiety or regret, you could be dealing with buyer's remorse."

What is buyer's remorse?

Buyer's remorse is the emotional response that sometimes follows a significant purchase, especially with long-term implications like a home. It often shows up as second-guessing your decision, worrying that you acted too quickly, or realising the financial stretch may have been more than you can comfortably manage.

Sebola explains that buyer's remorse is sometimes a sign that something was missed in the decision-making process, whether due diligence, financial planning, or simply not giving yourself enough time to weigh your options.

Financial overreach: the most common cause

Financial overextension tops the list of all the reasons for buyer's remorse. The numbers may have made sense on paper, but once bond repayments, levies, rates, insurance, and maintenance costs add up, the monthly burden can feel heavier than expected.

"When you're looking at what you can afford, you need to understand the whole picture," says Sebola. "You should look at the cost of utilities, potential special levies, transport costs if you've moved further from work, even the cost of furnishing or renovating your new home."

A responsible lender or estate agent will help you assess what you can borrow, but that's not always what you should borrow. The general rule of thumb is that your total housing costs should not exceed 30% to 35% of your gross monthly income. But even that may be too high for some, especially when paired with other financial responsibilities like school fees, car repayments, or debt.

Making a strategic, informed decision

The best antidote to buyer's remorse is making a strategic, well-supported purchase. And that means not doing it alone.

"A qualified property professional will be able to guide you through the transaction's legal, financial, and practical aspects," says Sebola.

A good estate agent will take the time to understand your lifestyle, needs, and budget, and won't push you into something that's not a good fit. They'll also help you spot red flags and ask the right questions during the viewing and negotiation.

Due diligence isn't optional

Buying a property is an emotional experience, but it needs to be backed by a clear, rational process. That means doing your due diligence, including reading the offer to purchase (OTP) thoroughly, understanding the terms, and ensuring that any suspensive conditions are clearly outlined.

"I can't stress this enough: read and understand everything before you sign," says Sebola. "Once the OTP is signed, you're legally bound. If you later realise you disagree with a term, it's too late."

The takeaway

Buyer's remorse is real, but it's not inevitable. The key is to slow down, stay informed, and seek the proper guidance.

"A property purchase shouldn't be rushed. Give yourself time to think, ask the hard questions, and check in with your finances," Sebola concludes.

 

Author: Leapfrog Property Group

Submitted 28 Jul 25 / Views 32