How to avoid homebuyer's remorse
October 27, 2014
Obtaining comprehensive home insurance is only the tip of the iceberg when it comes to purchasing a home. Between all the time, energy and money spent during the homebuying process, it's only natural for buyers to want to feel confident in their decisions during and after the fact. That's what makes homebuyer's remorse such a nasty feeling.
After all, can you imagine the sinking feeling in your stomach you'd get if you immediately began to regret your purchase after spending tens or even hundreds of thousands of dollars?
Fortunately, there are a few tried and true methods you can use to avoid finding yourself dealing with homebuyer misgivings after the fact.
No one wants to regret one of the biggest purchasing decisions of their life.
Stick to your game plan
When you first begin the homebuying hunt, chances are you'll have a few key requirements that a home must meet. These could be anything from fitting into a certain price range to having a pool in the backyard.
Whatever your requirements are, do your best to stick to them instead of compromising away all the important features you initially wanted.
It's not uncommon for buyers to fall head over heels for a property that doesn't quite fit their needs, and in the exciting frenzy of it all, they find themselves the proud owners of homes that are either too expensive or simply don't contain the amenities they were originally in the market for. Then, the remorse comes on strong.
Of course, sticking to a game plan will be impossible if you don't have one in the first place, so create one before you begin visiting open houses in your area.
Don't let excitement lead you astray
There's no denying it—buying a house can be one heck of a rollercoaster ride. The simple act of visiting different properties and imagining yourself in them can fill you with butterflies.
However, letting the heat of the moment dictate your buying decisions is the perfect recipe for buyer's remorse. This is especially true when it comes to auction situations.
Wanting to beat out the competition could lead you to overpay for a property, and soon enough the thrill of winning will be replaced by the agony of regret.
By all means, have fun when buying a home. It's an exciting prospect and one you should feel enthusiastic about. However, always make sure cooler heads prevail where your bank account is concerned.
Do your homework
Remember that horrible feeling you'd get back in school if you had to take a test without studying for it? No one should feel like that when they're buying a home. And while your high school chemistry teacher may disagree, buying a home is much more worthy of studying than a pop quiz on the periodic table of elements.
Sale prices in your area, what the local crime statistics are like, if there's future development plans in certain neighborhoods—the more information you have from the get-go, the more savvy your buying decisions will be.
In short, having all the facts and knowing what you're getting into is the best way to avoid buyer's remorse.