We have all experienced buyer’s remorse at one time or another. Whether it was over that slinky red dress that looked so good in the store or that high-priced tennis racket you were absolutely sure you would use every day. Now both are sitting in your closet, and you are finally in the acceptance stage of buyer’s remorse. But buyer’s remorse in real estate can have a far greater impact on you than buyer’s remorse following any other purchase, even an expensive motor vehicle. After all, buying a home is the largest purchase you will likely ever make. Here are some tips on how to avoid buyer’s remorse in real estate.
Firstly, it would serve you well to keep in mind that there is such a thing as non-buyer’s remorse in real estate. Non-buyer’s remorse could result from over-shopping, from not making an offer on a piece of real estate that you truly want yet hesitate to buy for fear of buyer’s remorse. So, do not think that shopping around forever and ever will necessarily help you avoid remorse. You may still suffer it, just in a different form.
The best way to avoid buyer’s remorse in real estate is to become a confident home-buyer. And the best way to become a confident home-buyer is to do research, to know the real estate market enough to feel comfortable making important decisions. It also means studying your potential new home from all angles, including its distance from work, the type of school district it is located in, its proximity to shopping and other things that may be important to you.
You should also get pre-approved for a mortgage. Allow a professional lender to crunch the numbers for you before you shop for your new home, so that you know what you can afford. This is vital, especially for first-time home buyers who often bite off more than they can chew. Obtaining pre-approval for a mortgage will help you stay within your price range and thus, help you to avoid buyer’s remorse.
Ask the opinions of others. Get advice from friends, relatives, colleagues, or whoever else you trust before purchasing your new home. This will help to build confidence in your decision-making abilities and more importantly, it will help to eliminate the risk of buyer’s remorse.
Once you have finalized the purchase, make the home your own. Your new home may seem foreign at first, and that could lead to buyer’s remorse. Give your new home life and design the interior and exterior the way you would like. Paint, carpet, landscape. Whatever it takes to make you feel more at home.
If you still feel buyer’s remorse creeping in, keep in mind all the thought you put into this decision prior to making the purchase. You did your research, you got pre-approved for a mortgage, and you asked the advice of friends, relatives, and colleagues. Do not beat yourself up over it. Buyer’s remorse is common among home-buyers. Sometimes it simply cannot be helped.