Avoiding Buyer’s Remorse
Buyer’s remorse: That sinking, slowly encroaching feeling you get after making a purchase that makes you question your sanity. What was I thinking? Did I really think that through? Can I take it all back? Buyer’s remorse is common at the store. But it happens just as often with an investment as large as a home – especially when that commitment was made in the heat of the moment during a bidding war.
Here’s how you can avoid buyer’s remorse as you look for your dream home.
1. Understand the Home Buying Process
If you’re just getting started in the pursuit of a new home, you likely don’t have a clue about the home buying process. Familiarize yourself with it by partnering with a qualified agent, exploring online resources, talking to others and educating yourself on what to expect. Having a buyer’s agent in your corner is key. They can provide an overview of the home buying process, as well as give some great recommendations to other professionals you need such as lawyers and lenders.
2. Analyze the Numbers
You must have a strong understanding of the money needed to buy a home. Discuss your options with a mortgage broker and take the time to get pre-approved. This way, you know how much you can get from a lender when obtaining financing for the home you really love. Your mortgage broker can help you crunch the numbers and costs associated with buying a home.
3. Have Patience
At the heart of buyer’s remorse is impatience. Those impulse buys at the register apply just as much to new homes. There’s no strict time frame for waiting before you find your dream home. It may just take a couple of homes to look at, or it could take a couple of years. Above all, be patient, as any doubt or uncertainty can lead to buyer’s remorse.
4. Determine Needs vs. Wants
It’s unlikely you will find a home that includes everything you want. You will likely have to make some sacrifices. Come up with a list of NEEDS and WANTS you are looking for in a home. Home buyers who determine what they NEED versus what they WANT beforehand have a much lower chance of experiencing buyer’s remorse.
5. Consider Location
We’ve all heard the saying “Location, Location, Location” in real estate. This is critical when buying a home. Consider proximity to highways, parks, schools, your work, entertainment venues, grocery stores and more.
Stick to Your Budget
Even if the bank says you can afford a $300,000 mortgage, keep in mind there are many other expenses that come with owning a home. Some of the most common include:
- Condo fees
Set a budget that includes both the additional expenses and monthly mortgage so you can further reduce your chance of buyer’s remorse.
Contact Berkshire Hathaway Premier Properties
Don’t fall victim to buyer’s remorse. Let our agents walk you through the home buying process step by step so you can embrace your decision with confidence. Just contact Berkshire Hathaway Premier Properties today at 832-626-4889.