We’ve all been there, you see something in the store or online and you make a rash purchase decision. Later on you suffer from what’s called “buyer’s remorse”. Unfortunately, some homebuyers go through this exact thing, but on a much, much larger scale. So, here’s how to avoid homebuyer’s remorse.
Buying a home is not only a big financial decision, it’s emotional, and often fraught with unexpected events. Because of this, there are times when recent homebuyers have regrets. Flyhomes recently surveyed 1,000 recent home buyers and found that not every home buying story has a happily ever after. Here is some of what they found:
- 56% of buyers said their “must-haves” changed significantly throughout the process
- 1 in 3 people say that the house they bought did not fit the criteria they had for a dream home
- One in five got in a fight with their partner over it, and one in three lost sleep
- Over a third spent more money than they were really comfortable with
- Over half said their new home needed maintenance right off the bat, and one fifth were surprised by their property tax bill
It’s Not All Bad News
It’s not all bad news. In fact, here are some tips on how to avoid homebuyer’s remorse:
Leave room for bidding
Once you know what you can afford, remember that a list price is merely a starting point. If you end up in a bidding war over a home you love, you’ll need some wiggle room at the top!
Don’t sweat the small stuff
Cabinet colors, ugly wallpaper or poor staging may make a bad first impression. Just remember that you’re paying primarily for the location and the home itself. Basic cosmetic improvements are cheap by comparison.
Broaden your search
The home you buy is determined by two main factors: What you can afford, and what’s on the market. It may help to expand your criteria of neighborhoods or layouts to find something that works for you.
Trust your gut
Remorse sometimes kicks in after we start talking to others. Although they may mean well, it’s not uncommon for family and friends to offer their own opinion and question your choice. When family and friends offer input, thank them, but trust your gut. Remember the process that brought you to this point of making an offer on a home, and as long as you did your due diligence, you should be well on the way to being a proud home-buyer.
Stop Looking at houses
It’s a big mistake to continue to look at other houses when you’re under contract to buy a home. Looking at other homes as they hit the market can only trigger homebuyer’s remorse.
Instead, as long as you have an accepted offer, unsubscribe from email alerts and delete the real estate apps from your phone.
Partner with the right agent
When the stakes are high, nothing beats the best; and you may just need a little reassurance. Being a sounding board for you is one of many things your agent is there for during this period.
Your agent will help you address any concerns or doubts you might be dealing with. If you don’t have an agent, call your real estate attorney or another trusted professional for help.
Want more real estate and home buying tips? Check out our Real Estate 101 posts here.
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