We get it. Buying a house, whether it's your first house or your third, is a big deal. You want to find the best deal for yourself while getting the home you’ve been dreaming about, and you want to live a happy life in the house for years to come. Deciding on which home to purchase can come with a lot of questions and self-doubt. Is the neighborhood as great as it seems? Will I have good neighbors? What if my circumstances change, will I be able to maintain my mortgage payments? If I wait longer will a better property come on the market? How do I know I'm making the right decision?
So many questions can paralyze you from pulling the trigger on your home purchase. We’re here to help you understand buyer’s remorse and how to make the best home purchase without detrimentally second guessing yourself throughout the buying process. So, what do you need to know?
Asking "What-if?" is entirely natural. Consumers question our purchasing decisions all the time. It doesn't matter if it's a new car, new home appliance, even a pair of shoes or a new accessory. People work hard for their incomes and want to get the best goods and services possible with their means. It's only natural that they want to ensure they make the best decision when it comes to significant investments like a home. You aren't any different, and that's completely natural. Recognizing and accepting the fear of buyer’s remorse can help you differentiate between good questioning and over-questioning your home purchase.
Holding out for something better. Worrying that a better home will come along down the road and that you've made your buying decision too hastily can put your investment goals on hold indefinitely. To keep yourself from falling into this agonizing trap work with your real estate agent to write down a complete list of everything you want in a home and order your list by priority. Keep your list with you and review it when you're viewing homes with your agent. When you think you've found the right place you might find that worry start to creep up, consult your list again, revisit the home and make your decision with certainty.
Avoiding Buyer’s remorse:
- Make sure you find the right real estate agent. If you don’t have confidence in your agent, you’ll start to question their recommendations and your own decision making. Your agent should offer you guidance throughout the entire home buying process. They should be able to answer your questions thoroughly and take care to give you good advice. A good property agent will take the time to review your desires thoroughly and will only present you with homes that they know fit your list of requirements. Most importantly, you should feel completely comfortable with your agent, be able to call with questions when you have any concerns and feel that they are genuinely listening to you.
- Don't take too much stock in advice from friends or family. You're enthusiastic about the prospect of buying a home, and you'll be tempted to show those close to your different houses you're considering. While you should feel free to do this, be wary of the feedback you might get. The best home for you might not match someone else's idea, and their opinion of your home selection, mortgage agreement or neighborhood choice shouldn't make you question your decision. If you're working with a good agent and consulting your financial advisor, you are in the best possible hands to make the right choice. Stick with your trusted professionals and be confident in your purchase.
Once you’ve selected a home, don’t keep shopping. Continuing to visit new open houses after you’re in the escrow process will only lead you to question your purchase. Believe in yourself, trust your professional guidance and follow through on the home you know to be right for you.
