Avoiding buyer's remorse 🏘️ 🔦

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Welcome to Property Hack! Shedding light on the complex world of property!

Buyer’s Remorse - We hear from John - a seasoned buyer - who has some helpful insights to share on this.

Short Term Rental Bans - Barcelona is putting a total ban on short term rentals such as Airbnb, from 2028.

What are the issues with short term rentals? And will this be the solution?

Let’s go!

Buyer’s Remorse

You’ve put in an offer on a house. It’s been a competitive, fast paced market and you’ve been to what feels like endless open homes.

Then suddenly the agent calls telling you that, “… your offer has been accepted!”

They’re full of praise and congratulations - but you’re not feeling their excitement. In fact, dread is what you’re experiencing.

How can we arm ourselves against this?

We speak to a frequent buyer and seller and hear their thoughts.

Meet John:

After buying 4 properties, selling 3 and currently having a home and an investment property, John's real estate journey has taught him some invaluable lessons. 

While he's never experienced buyer's remorse, he's had plenty of close calls that have sharpened his property instincts. One such close call - which prompted John to walk away from a deal - involved his own independent Building and Pest Inspection revealing some major issues.

Visualise and Prepare: John adds that you don't need to almost buy a lemon to learn; his advice is to visualise yourself completely as the owner. And if things do go south, have a plan to be content either way.

John’s Strategies to Avoid Buyer's Remorse

1. Unique Value: Look for properties with standout features - good land value, rental potential, or a sought-after location.

2. Always Have a Plan B: Ensure you can comfortably rent out or manage any shortfalls if you need to sell unexpectedly.

3. Know The Area: Immerse yourself in the area. Understand market trends, the neighbourhood and its local amenities. Be aware of any negatives and can you sit comfortably with those.

4. Master the Property Details: the orientation, ventilation, light, and potential risks like flooding.

5. Facts Over Feelings: When emotions like FOMO creep in, keep the focus on facts, market insights and thorough research.

The Power of Almost

While hindsight is said to be a wonderful thing, John argues that almost living in a place offers an invaluable perspective before committing, learning from what almost was.

John's Parting Wisdom: "Be prepared to pivot. The best property decisions come from a blend of thorough research and the willingness to walk away when it doesn’t add up."

Quote for the week:

Short Term Rental Bans

What’s happening in this space?

Across the globe, councils are starting to clamp down on short term rentals. From Barcelona to Toronto, New York to Byron, concerns have been raised such as locals not being able to access affordable accommodation. 

Some have raised the positives in having more regulations, some feel a ban is not the solution and others have raised the impact on travellers such as families, where a hotel may not always be a suitable option.

We’ve sourced articles from Harvard Business Review, the BBC and the ABC that highlight various issues; who’s being impacted, how does it vary across regions, and who will benefit or lose out from these changes?

Let us know your thoughts. More to come on this…

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Til next time, see you!

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