Buyer’s remorse is a fact of life. Everyone experiences it at some time or another and to varying degrees when making an impulsive purchase. It can cause undue anxiety and in the worst-case scenario lead to sabotaging a very good deal.
Buying a home is a huge milestone and one of the biggest investments you will make. So, you must not end up with a home that you wished you had not purchased. Here are a few tips to help you avoid home buyer’s remorse and enjoy the excitement of buying a home.
1. Make A Detailed List Of Your Wants-and-Needs
You should create a “wants-and needs” list before you set out on your home-buying journey. An easy way of doing this is to make a list of features that you “must-have” in a column on the left and features that you “like to have” in a column on the right. Give a copy of this list to your Realtor so that he or she understands your preferences. No house can have everything you need. So, review your list and make sure the home you are purchasing matches all your “must-haves” and a few of “what you like to have” features too. This will ensure that you do not end up experiencing buyer’s remorse because the few “must-have” features that you were looking for all along are missing.
2. Do Not Make A Hasty Decision
It can be tempting to rush in and make an offer on a home, especially in a competitive market. However, big decisions need time. Being carried away by the excitement may lead to ignoring the many issues and red flags that you will discover once you are calm and reality sets in. So, take your time to consider whether the home fits your needs. Double-check your “wants and needs lists”, pay attention to details and focus on what it will be like living in the home you wish to buy. This may result in a long home buying search but you should be realistic and not settle for something that you will not be happy with in the future.
3. Trust Your Gut and Ignore External Input
When you are super excited about a new purchase like a home and share it with family, friends, or co-workers it is not uncommon that everyone will have their own opinion. They usually mean well but they do not know what will make you and your family happy as you do. So, when people offer their input, smile and thank them, but remember why you chose the house and trust your instincts. As long as you have adequately reviewed your decision you should be on the solid ground regardless of what anyone else has to say.
4. Stop Looking When You Have Found A House.
Once you have found the home you like and begin the home buying process you are not obligated to buy the house yet. You can change your mind up to a certain point though it may cost you a small amount of what you call “earnest money deposit”. However, continuing to look at houses after making an offer is a big mistake as it can fuel that buyer’s remorse and make you wonder what you missed out on. The best rule of thumb is to unsubscribe from all those email alerts, stop driving around looking for “For Sale” signs, and delete the online listing apps from your phone. You should instead focus on the features that you love about the home that captured your heart first and start getting excited about what is to come.
5. Scrutinize The Numbers
Another common reason for home buyer’s remorse is forgetting to factor in the additional costs of homeownership. Before you sign on the dotted line think of all the costs like property tax, insurance, utility bills, and any HOA fees. Your first step when looking for a house is discussing your options with your mortgage broker and getting pre-approved. This will give you a rough estimate of your monthly payments and closing costs. Reviewing these costs with a mortgage professional will help you to account for them within your budget and avoid sticker shock when you are reaching the finish line of the home buying process.
Home buyer’s remorse is quite common in real estate. You can avoid it by taking the proper steps. Also, hook up a good agent who can answer any lingering questions as well as address any doubts that you may have. In addition, you can consult your real estate attorney or a trusted professional. Everyone involved in the home-buying process is there to help, so let them.
If you are ready to purchase a home you can get in touch with our home loan experts to get pre-qualified and apply for a mortgage.