Buyer’s remorse is the sense of regret someone has after making a purchase. This is frequently associated with the purchase of an expensive item, such as a home. Here’s how to avoid buyer’s remorse.
What brings on buyer’s remorse?
Many things may bring on buyer’s remorse. Some of the most common are:
Discussions with family and friends
Usually, they mean well, but family and friends can bring on doubts about your home. This may especially be the case if you are buying your first home. Remind yourself that they might not know the market as well as you do as it may have been a long time since they’ve purchased a home. Additionally, they might live in another part of the country, where the market is different. They just want what’s best for you, so think about and tell them why the home is best for you!
No guidance from real estate agents
Some agents may not help their buyers through the closing process. With no guidance, buyer’s unanswered questions can cause them to go into a panic. Panic can lead to doubt, which can lead you to have buyer’s remorse. If you have any questions, contact your agent or other parties involved in the closing.
Looking at other houses is a surefire way to get buyer’s remorse. Unless you feel like the contract is going to fall apart, stop looking at other houses!
Your own doubts
Your own doubts can definitely bring on buyer’s remorse. Instead of focusing on any negative what-ifs, think about what originally drew you to the house and why you loved it.
How to prevent buyer’s remorse
Many people start out their home buying process by creating a wants and needs list. If you made one of these, take this back out and review what you wanted. Does your home include the most important things on the list? Did you find a lot of homes that met the qualifications on your list or was this the only one? What was special about this house that made it stand out from the competition? Going back to this list helps you to sort your true feelings about the house.
You can also make a pros/cons list. Under the cons list, name all of the reasons not to buy the home. The pros list should be reasons that counterbalance all the reasons not to be a home. Reasons you might be uncomfortable buying a home may be:
- The home is too expensive
- Your new neighbors might not welcome you
- You might not like the home after living there for a few months
- The home may need upgrades and you can’t afford to make the improvements
To counter these reasons in the yes column:
- The home isn’t too expensive because you have been preapproved and prequalified
- Throw a housewarming party and invite your neighbors to meet them
- You might love the home even more after living there for a few months
- You don’t need to do all home improvements at one. Make as many improvements as your budget allows
On the yes side, be sure to list all the reasons you purchased the house in the first place. This will help you to feel more comfortable with your decision.