Home buyer’s remorse is a genuine concern that will wipe away any excitement or happiness you may have experienced from purchasing a new home. This is a highly unpleasant situation to be caught up in, so you’d want to avoid it. To help, we’ve prepared a guide on strategies to help you avoid home buyer’s remorse.
Weigh your needs and wishes.
The first step to avoiding home buyer’s remorse is knowing precisely what kind of home you need. Not want, but need! You need to know how many rooms you need, how big your home needs to be, what amenities you need nearby, etc. Be careful to differentiate your wants from your needs. You can factor in as part of your needs a home that can eventually be improved to meet your wants. For example, if you find a house with only two bedrooms which satisfy your needs but not your want for three bedrooms, then make sure there is room to add on. This is the house that you can afford now, and the potential is there to eventually get the home you want. In the long term being really clear on your needs with an eye to satisfying your wants is going to help you avoid buyer’s remorse.
Always stay within your budget.
Few things result in buyer’s regret as quickly as spending too much money on the house. You may deem a house purchase is essential, but this is still the money you require to live. Unless you are an all-cash buyer, you will be advised by your lender of your buying power . This does not mean that you should spend at the top of the range. You should still ensure you are not house poor. Nothing shouts “buyer’s remorse” than finding you don’t have enough ready money to spend on daily necessities and having a life. Also you need to factor in things like closing costs and moving costs to include in the price of your house purchase.
Check and then double and triple-check that the house is in good condition.
Of course, to avoid home buyer’s remorse, you need to be satisfied with the house you buy. One of the worst possible disappointments that can follow a house purchase is finding out it came with tons of necessary renovations and other problems. This is why it is essential to have a thorough home inspection before you are ready to commit to a purchase. Some sellers aim to draw people in with a pretty facade and covered-up faults. However, the cost of repairing and/or renovating could be restrictive! That is why a home inspection is vital.
Check out all the options.
In a seller’s market you don’t always have the luxury of taking your time and checking out every home on the market within your budget. But, by the same token, you shouldn’t jump into making an offer on the first place you see because you are afraid you will lose out. If it doesn’t feel quite right then it probably isn’t. Also, if you are not thrilled with the home you will not be comfortable going “all in” in a multiple bidding war. Wait until you find something that checks off many of your boxes. It is unlikely you will find the perfect home, but if you can see yourself making it into one, then you are unlikely to regret your choice.
Prepare yourself and your family.
Emotions can run high after many house viewings, so it isn’t easy to be objective about everything. Take a breath and reflect on your choice. Imagine yourself settled into this new home. Talk with your family; prepare your kids for a big move by taking the time to discuss it with and reassure them.
Check out the neighborhood.
Another regret that can lead to buyer’s remorse is hyper-focusing on the house to the exclusion of its surroundings. You may like to walk, be close to restaurants and entertainment, or parks. You may find a great home outside your area of choice but not realize that it will take you an hour each way to get back and forth to work. Among all other known factors the seller is supposed to disclose any known neighborhood noise, potential construction etc. Again they can only disclose what they know and noise is relative. So drive around, check out your commute, and do your due diligence. Make sure this neighborhood is right for you.
The more you plan, analyze and inspect, the more you will avoid buyer’s remorse. and then you can focus planning your relocation.
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