Avoiding the dreaded "buyer's remorse"!

It's not that buying a condominium home is so fraught with risk. But even in a rising real estate market, with good homes selling for reasonable prices, buyers can buy inappropriately; or worry that they might have. When it happens, new homeowners can be afflicted with the dreaded "buyer's remorse". Recovery can be quick, through a psychological adjustment, or through confirmation that it was, after all, the right purchase. In serious cases, however, a mistake truly was made, and the only recovery is through sale.

Yet, whether it's due to simple doubt or serious error, the affliction is largely avoidable. The key is to apply pre-purchase, non-emotional, analysis to your needs and to your budget. A thorough review of the new and resale home options in the marketplace should follow that. By the time you reach the deposit stage, you should be clear about why you are buying the home you are buying, and why you are paying the price you are paying. It hardly needs mention that an objective condo-specialist Realtor will be a great help in this process. Clarity and information equal a good investment decision, a good home choice and thus no "buyer's remorse".

Here are some of the issues we should consider before buying our future condo home:
* Am I financially able to buy and am I stable enough for the long-term ownership approach to housing?
* If "yes", do I buy a new home or a resale condo home?
* Ground floor or upper floor?
* Age-restricted (over age 18, 25, 40 or 60?), or open to all?
* Concrete construction or frame?
* High-rise or low-rise?
* Located near downtown or in the suburbs?
* Outward-facing or courtyard facing?
* Facing sunny south or less-bright north?
* Various upgrades or plain and simple finishing?
* And, in most of these cases, is it worth spending more, or how much more, to obtain any of these preferences?

That's quite a list of considerations, yet it's not even a complete list. Again, an objective and experienced Realtor can help you understand yourself and help you answer these questions. There are also market considerations in your decisions. Even if you're sure about what you want, you need to know what it's worth before you write your deposit cheque. Otherwise, prepare for after-purchase uncertainty, and thus possible buyer's remorse.

It's helpful to draw up a two-column list early on, with housing must-haves on the left and want-to-haves on the right. At the top, write your personal budget ceiling, be it $100,000, $250,000 or $500,000. A lender may well invite you to spend more, but stick to your own budget if at all possible. Lay alongside this list the MLS city district map that many Realtors will provide, and felt-pen outline your preferred home areas.

Then work with your Realtor---perhaps me!---the Condo Guide, and the Realtor's access to the comprehensive Multiple Listing Service (MLS), to see if condominium homes matching at least your "must-have" criteria are available in your chosen areas and within your budget. If not, your budget might have to increase, you might move from new homes (if that was your preference) to resale homes, or you'll need to compromise on what falls in your "must-have" column.

Such a methodical process is the only way to arrive at a purchase decision with clarity and confidence. Even more important, it's the only way to remain confident once your purchase is made, but when little issues creep up. And be sure that whether you've bought a new or a resale home, the common issues of home ownership will arise. But you won't be rattled if you know exactly why you bought the home that you did, at the price that you paid. You won't need a cure for the dreaded buyer's remorse.