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 You've just signed on the dotted line and have submitted an offer for buying a new home, but a thousand thoughts are now filling your mind. Does the house have enough rooms? Does it require too much work? Can I afford the mortgage payment? What if I lose income in the future? Is it in the right school district? Did I choose the right house? These doubt-filled thoughts are called Home Buyer's Remorse and can appear from the time you sign the contract up to the time you have settled into your new home.
Buying a home is a large, expensive committment - the largest many will make in their lifetimes. So, it's important to choose the right house. But how do you know when those doubtful thoughts are Home Buyer's Remorse and not an indication that you chose the wrong home?
Evaluate Outside Influences
During times of great decision, people turn to their family and friends for support and advice. Despite good intentions, this can sometimes make remorse worse. When friends and family start to share their opinions and question choices, a home buyer may start to doubt their own knowledge.
To avoid unnecessary stress when speaking with loved ones, keep in mind that the housing market varies from city-to-city and month-to-month. While they have valid experiences buying homes, they may not know the current market. Your real estate agent is here to make sure you receive the facts for making the best decisions in home buying.
Home Buying Checklist
The best technique for avoiding Buyer's Remorse is creating a list of needs and wants for a home. This should be done prior to viewing homes, but can still be done after an offer is made. Take time creating the list. Putting the list aside for a week after its initial creation will allow you to return to it with a fresh perspective. You may find that you feel more confident about making certain repairs or upgrades than you did before.
Make sure you keep your list of needs and wants through out the purchase of your home. If you begin experiencing Home Buyer's Remorse, compare your list to the features of the house you have made an offer on and consider these questions:
- Are most of your needs met?
- Can the issue of some not being met be resolved without too much difficulty?
- How did this home compare to others you saw? Did this home meet the most needs?
- How long do you plan on living in your new home? Does time allow for customization and repairs?
- What clauses were included in the contract that would allow you to break the contract?
No home is perfect. Even new custom built homes will reveal negatives that you may not have considered beforehand. The key to avoiding Home Buyer's Remorse is weighing the positives and negatives, and remaining realistic.
Looking at Other Homes
Unless your offer was low and your real estate agent has instructed you to do so, do not look at other homes. Stress may cause you to view them through rose-tinted glasses and bad features may be overlooked causing you to doubt your choice of home even more. Instead, try to focus on the positives of the home you have submitted an offer on.
After Move-In
Sometimes Buyer's Remorse doesn't hit until after you begin moving in. Boxes are piled up in corners and the house you just spents tons of money on doesn't feel like home. The best way to alleviate this problem, especially when children are involved, is to get unpacked as quickly as possible. Seeing familiar items will establish the feeling of home. Life looks a little sunnier and you can focus on making the home reflect you.
When Home Buyer's Remorse is Valid
The home inspection revealed major structural damage, there were undisclosed restrictions on the home or property, or your financing has fallen through. This is when Home Buyer's Remorse becomes valid and you should talk to your real estate agent. There is a possibility that the buyer's contract you signed has an escape clause for these situations. So, talking to your real estate agent as soon as possible is important.
© Meghan M. Riley, March 2009
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