Guide to Avoiding Home Buyer's Remorse
Buying a home is one of the most significant and most stressful events a person can experience in their lifetime. As you're making such a large investment, it's only natural you'll feel overwhelmed and scared. Even after you made a purchase, all the emotional stress involved can make you regret the decision and make you think you've made a mistake. For those reasons, it's important to find ways for avoiding home buyer's remorse and ensuring you'll be confident you've made the right choice. Therefore, to help you achieve this, we've prepared a useful guide with plenty of simple tips and advice.
Ways for avoiding home buyer's remorse
Even though it's a huge milestone in everyone's life, buying a home is really stressful and can get very complicated. Due to that, many people decide to give up on the process. However, what a lot of people end up feeling is buyer's remorse.
Therefore, before starting the buying process, you need to prepare well and arm yourself with patience. There are ways to recognize when the property is the "one" and know that making an offer is the right decision. Here are things to take into consideration for avoiding home buyer's remorse.
Set a realistic budget
Before you start interviewing real estate agents and checking out homes online, make sure to thoroughly go through your finances and set a realistic budget. Knowing how much you afford is the first step towards avoiding having second thoughts and feeling remorse.
Also, for many reasons, it's essential to get pre-approved before going house hunting. You'll be sure you can obtain financing for your home. Plus, you can use the opportunity to speak to a mortgage broker. You can get helpful insight that will help you know what kind of home to look for.
Be aware of the closing and moving costs
When setting a budget, make sure to think about closing costs and relocation expenses. When it comes to closing costs, you can consult your mortgage broker. They will be able to give you an estimate based on how much you can spend on your new property.
Also, make sure to add the costs of moving. Overlooking these expenses can turn your relocation into a nightmare.
Additionally, nowadays, it's more important than ever to stay healthy during relocation. Therefore, make sure to follow government guidelines for COVID-19 and hire reliable movers that you can trust to keep you as well as your belongings safe.
Make a "wants and needs" list
Another way to avoid buyer's remorse is to make a "wants and needs" list. This way, you can prioritize things and features your new home needs as opposed to the things you'd like to have.
For example, think about how many bedrooms you need or the minimum square footage. On the other side, list things you want in a home, such as an open plan kitchen or new windows. Depending on your budget, you'll know what you can and can't look for in your new home.
Work with an experienced real estate agent
Hiring a good real estate agent is crucial, especially if this is your first time buying a home. Therefore, make sure to do a thorough search and hire the most experienced real estate agent you can find.
Don't rush to make a decision but interview several people before making your choice. A good idea is to write a list of important questions and look for a real estate agent who can answer all of them.
Avoiding home buyer's remorse after purchase
Although buyer's remorse is usually felt by first-time homebuyers, it's not uncommon for experienced buyers either. In fact, around 52% of buyers have second-guessing and feelings of remorse. Therefore, if you've bought a home and feel this way, know that you are not alone.
Here are the most common reasons many buyers feel remorse:
- Spent too much - Money concerns are the most common reason for buyer's remorse. For example, if it turns out interest rates started dropping, buyers might feel they got the timing wrong and start feeling regret.
- Choosing the wrong location - Some people worry that the real estate market will decline and that their homes will lose value. In reality, no one can predict as trends constantly shift and change.
- Second-guessing the home - Many people start rethinking the decision if they've chosen the right home for them or if they should have waited for something potentially better.
How to overcome it?
The first thing to do to overcome the remorse you're feeling is to start thinking about the benefits of the new home you've chosen. Always have in mind that moving house is a significant change and that you'll need some time to adjust.
You might be feeling uncertain now because you're experiencing a big change. However, soon enough, you'll lose those feelings and start loving your home. Here are some ways to help you overcome your feelings of regret:
- Stop searching for other homes - When people start feeling remorse, they start looking for other homes online. Stop - you just made an investment, and you're probably not in a position to buy another home.
- Talk to your family and friends - Don't hold your feelings buried. Instead, talk to people that are close to you, and you'll surely get a lot of positive feedback for your purchase. It should make you feel better about your decision.
- Stop looking for faults - If you are constantly nitpicking your new home and looking for flaws and issues, you will surely find something to bother you, no matter how small. Change that negative voice into a positive one by focusing on what you like in your new home.
The bottom line
If you are yet to look for a home, make sure to prepare well, set a budget, and know what to look for. That's the best way for avoiding home buyer's remorse. On the other hand, if you bought a home and you're having doubts, don't worry but start thinking about the positive sides and remember why you chose it.